For many New York business owners, injuries to employees are a common concern based on the type of services they provide. Wholesale insurance brokers are constantly looking for ways to help you improve your clients’ workers compensation (WC) costs by partnering with several top carriers and offering a number of workers comp plans to address your individual client’s needs.
Many businesses find that they are paying more in premiums, often while their payrolls have diminished, which means that they’re looking for ways to reduce costs and save money. Many brokers depend on online programs that get faster quotes, and because employers say that containing costs is a major workers comp concern, they need an insurer that is ready and willing to find the best possible coverage at an affordable price.
What to look for in a comprehensive WC program
Many companies are finding it difficult to secure a workers comp program that works for them, mainly because the agents and brokers themselves are struggling to find markets and alternative solutions. The best way to kick off a search for the right wholesale broker is to find one that offers various workers compensation rating plans, which should include:
Perhaps this is the most common plan in which premiums are based on payroll, specific classification codes and premium rates per $100 of payroll. As the insured, your client pays a standard amount of premium even if losses exceed that amount. It allows for budgeting with an ease to administer and, for clients having a low experience modification factor, this translates to lower premiums.
Popular among larger employers since the deductible is the amount of risk the insured is responsible for before the insurer will pay for claims, up to the policy limits and/or state statutory benefit level. Large deductible programs are individually designed and filed by insurers. This includes some significant benefits, like having a significant cash flow advantage over most other fully insured or alternative risk programs, along with increased market availability and an incentive for implementing loss control programs and return to work programs, among other facets.
Injuries are an unfortunate part of running a business, and it’s up to employers to provide their employees with sufficient workers compensation coverage. Agents can get a substantial leg up by partnering with a reputable wholesale broker to better service their clientele.