How can i lower my worksmen comp insurance?
I own a wholesale produce business with about 55employees. I use to own a corner grocery store with a meat dept inside. To "save" money i put the insurances from both companies under my main wholesale business. During that period i had to acciedents with butchers that caused my rates to go up. I sold that grocery store and am still stuck with this high rate on my insurance. Is there anything i can do??? /:|
You need to talk to your agent!! BUT, claims accumulated from a combined account WILL follow the "account" for five years.
That doesn’t mean there’s nothing you can do. But your AGENT will be able to tell you if, for example, you’re eligible to put together a safety committee, for a 5% reduction in premium, or any other state specific credits that might be available.
November 2nd, 2009 at 7:00 am
Lower your payroll $
Talk to your agent, see what he or she suggests.
the accidents probably brought your rates up
Check the worker classifications on your policy.
References :
November 2nd, 2009 at 7:35 am
You need to talk to your agent!! BUT, claims accumulated from a combined account WILL follow the "account" for five years.
That doesn’t mean there’s nothing you can do. But your AGENT will be able to tell you if, for example, you’re eligible to put together a safety committee, for a 5% reduction in premium, or any other state specific credits that might be available.
References :
agent, 21+ years
November 2nd, 2009 at 8:19 am
First, make sure that your employees are listed under the proper WC code. If you still have the codes related to butcher (whatever that is), then immediately get the broker involved to eliminate that category. Also, you state that the accidents were only related to the part of the business that was sold. Is your insurer aware of the sale of this part of your business? If they are not then you could get a reduction retroactively reelecting this change.
References :