Workers Compensation
Workers’ Compensation Insurance for Business
Workers’ compensation insurance is a necessary protective measure for every business. In fact, many companies choose a package without much research just to check a requirement off a list. You might be surprised to learn how much money businesses lose each year through workers’ compensation costs. Navigator Risk Management helps organizations make easy operational and business practice changes to help reduce costs and cut down on unnecessary spending on workers’ comp issues. Contact us to learn more about how we cut costs for businesses. You’ll be surprised to learn about areas where spending might get overlooked in your company.
Common Areas of Overspending on Workers’ Compensation
Businesses are always at risk of overspending on workers’ compensation insurance. Making sure your coverage and premium match is critical. However, when an insurer performs an audit, how do you know if it’s correct? Our team conducts an audit of our own before the insurance company to ensure the numbers match. Without this comparison, businesses can end up overpaying on workers’ compensation insurance for reasons that include:
- Incorrect payroll audits
- Incorrect classifications
- Not deducting eligible payments like tips and overtime from payroll
- Missing workers comp credits
Why Work With Navigator Risk Management?
Like any insurance, workers’ compensation rates are mainly determined by company history and the cost to compensate in the event of a claim. We focus on three main areas of your business to prepare you for insurance audits to ensure accurate information about your business is considered when determining coverage costs.
These Areas Are:
Your experience modification factor is calculated to help determine your premium. It shows how your company's workers' comp claims experience compares to other organizations that are similar in size and industry. Anything above 1.0 means you are higher than your peers. A higher number means additional surcharges, so it's critical to ensure this number is accurate compared to an insurer’s findings.
How much you pay employees during a policy coverage period factors into how much your policy will cost. Any mistakes in this audit can drive up the cost of your insurance. We can perform an audit of our own before the insurance company does theirs to ensure their findings and premium quote are accurate.
If you're a new client of ours, we can go back a few years and audit previous policies. It's not uncommon to find errors where a business has overpaid, and we can work to recoup the money if you were overcharged on past policies.
Other Services Offered
- Claims Advocacy & Claims Adjusters Services
- Medical Cost Containment
- Claims Surveillance Services
- NYS ICR (Industry Code Rule) 59 Compliance
- Workers Comp Credit Acquisition
- Wrap Up (OCIP/CCIP) Claims Services
We Are Here to Serve Your Best Interests
Navigator Risk Management is not here to sell you insurance. Instead, we work closely with you to position your organization to secure the best insurance rates possible and hold insurers and brokers accountable for accurate audits and reporting. Contact us to learn more about how we can improve your workers’ compensation insurance today.