Total Team Solutions Blog

Reduce Worker's Compensation Expense

By: Rob Lynn

Within the voluntary worker’s compensation market there is an opportunity for the insured to select “Pay As You GO” when paying the worker’s compensation premium.  The “Pay As You Go” program doesn’t require large upfront deposits as the premium is paid each month based on actual wages submitted.  Not only does the company improve their cash flow, remove wage audit headaches, but when current coverage is reviewed to make sure it’s the right fit for your business, often there is additional reductions in premium expense.

For employers it is critical that they maintain worker’s compensation coverage that fulfills that state obligations so that those costs incurred from an employee injury or on the job illness is adequately covered.   The most common type of worker’s compensation is the Voluntary Market.

The Voluntary market is the preferred form of workers’ compensation as it is typically less expensive as the risk taken by the worker’s compensation insurance company is less.

Employers that are able to secure worker’s compensation in the voluntary market typically fall within these guidelines:

• They have been in business for at least three years

• They have safe working conditions, and workers aren’t subjected to any major hazards

• They have infrequent claims and losses have been minimal.

• They have been insured for at least three years with no gaps in their coverage

• They have a reputation for a low employee turnover rate

  For the past several years, Total Team Solutions has partnered with the Foley Insurance Agency to bring our clients pay-as-you-go workers' compensation insurance via top carriers such as The Hartford and Zurich.  Lack of proper coverage puts your company and your employees at risk. Total Team Solutions can offer your company the most comprehensive coverage with the potential of significantly reducing premium expense.

   

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