Current Insurance Policies and Pricing

I'm working with a client who has upwards of 50 different insurance policies. When I did my first review of coverage, I suggested that the premium on one policy looked high to me.I was assured that the agent was a good guy, and took great care of my client. I continued my review only to find several indications that my client was being taken … [Read more...]


Your premium is the price of insuring a specific risk over a period of time. business insurance premiums are determined in a wide variety of ways. Property insurance premiums are determined by multiplying a rate per $100 times the amount of coverage to be purchased.  A $1,000,000 building with a $.30 rate is $3,000 in … [Read more...]

WC Rate Rankings Published

Every year the Oregon Department of Consumer and Business Services puts out a report ranking workers' compensation rates for all 50 states. The latest report can be downloaded here. Much of the info is specific to Oregon. However, in their work they provide a great deal of info on each state. Here are the 10 most expensive states for work … [Read more...]

Ten Simple Things You Can Do To Manage Risk and Cut Your Insurance Premiums

1 - Email your agent - tell him that you expect that he will meet with you 120 days before your policies expire and that he will have a renewal quote to you 30 days BEFORE expiration.2 - Test your computer backup system - tell you techies that they will delete a file in front of you and restore from the backup.3 - Every 6 months look at a complete … [Read more...]

What’s Your Work Comp Loss Ratio?

According to the insurance industry magazine, National Underwriter, total work comp premiums in the US dropped from $47.2 billion to $26.4 billion from 2006 to 2007.The annual loss ratio (losses divided by premiums) also increased from 57.8% to 59%. What's your loss ratio? Divide your losses by your premiums over the last three years.If you have a … [Read more...]

Consider Deductibles on Your Workers’ Compensation

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: A deductible is the part of a claim you pay before the insurance company steps in. Put another way, a deductible is a way for you to retain a portion of the loss. The larger the deductible, the larger the premium savings. Workers' compensation deductibles are usually … [Read more...]

Give Yourself Some Work Comp Credit

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Most workers' compensation insurers allow underwriters pricing discretion of up to 25% above and 25% below the published rates Credits are used as competitive tools by insurers. They are often loosely tied to loss control and claims management programs. Find out what your … [Read more...]

Save Premium – Check Your Class

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Your workers' compensation rates are based on the business and industry in which you work. There are over 600 employment classifications in workers' compensation for different industries; from "Abrasive Wheel Manufacturing" to "Zoo." Important point: your company receives a … [Read more...]

How Your Workers’ Comp Premium is Calculated

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: The workers' compensation insurance premium calculation is pretty straightforward. In short, the insurance company takes your payroll in the various classifications and multiplies it by a rate per $100 of remuneration. If you have several different employment … [Read more...]