search brock insurance

6 Ways to Help Reduce Your Workers' Comp Premium

December 4th, 2018

If your organization has elected to carry Workers' Compensation insurance, there are certain factors that will determine how much you'll pay for the coverage. Frequent claims will cause a significant increase in your premiums. If your company qualifies for an experience modification, adjustments will be made to your annual premium based on your past three years of claim activity - the more activity, the higher your premium. Carriers will also look at how well your organization is managing its operations.

While claim activity is usually out of your control - accidents happen - there are some things you can do to help show your carrier you deserve a lower rate on your Workers' Comp premiums:

  1. Offer health insurance, which may deter employees from using Workers' Comp as recourse for not having a health plan.
  2. Keep up-to-date OSHA logs with specifics about work-related injuries and illnesses. You should record when a work-related event or exposure causes or contributes to a condition or aggravates a pre-existing condition. Record deaths, loss of consciousness, days away from work, restricted work activity or job transfer, medical treatment beyond first aid, and injury or illness diagnosed by a physician or other licensed health care professional. This includes but is not limited to cancer, chronic irreversible disease, a fractured or cracked bone, or a punctured eardrum.
  3. Organize a formal safety program, put it in writing, and conduct safety meetings.
  4. Invest in an accident investigation program.
  5. Outline and post consistent instructions for any required safety equipment such as ear plugs for high noise or safety goggles.
  6. Utilize your carrier's loss control surveyors by asking questions about ergonomic testing or additional materials or websites recommended to improve safety.

Spend some time talking to us about your Workers' Comp insurance and you may be able to spend less on your premiums!

Post authored by Joi Garcia. Originally published February 21, 2014. View original post at:


Products underwritten by Central Mutual Insurance Company and affiliated companies.

Copyright © 2016 Central Mutual Insurance Company. All rights reserved.

Posted by Brock Insurance | Topic: Topic2  | Category: Work Comp

WEBSITE USE DISCLOSURE IMPORTANT NOTE: This Web site provides only a simplified description of coverages and is not a statement of contract. None of the information provided on the website is a guarantee that insurance will be provided or that the agency is obligated to procure insurance for the website visitor. Coverage may not apply in all states. Misstatements or omissions of relevant information can lead to price variation or even declination or rescission of coverage. For complete details of coverages, conditions, limits, and losses not covered, be sure to read the policy, including all endorsements, or prospectus, if applicable. Coverage CANNOT be bound, amended, or altered by leaving a message on, or relying upon, information in this Website or through E-Mail, Voicemail or Text.

© 2023 Brock Insurance Agency.