by David Schek | Jun 29, 2011 | Staffing Company, Workers Comp, Workers' Compensation Insurance
When was the last time you computed what your work comp premiums would be if you paid 20% less in rates, but had a $500 deductible? Or a $1000 deductible and paid 30% less in rates? Or even a $10,000 deductible and a 70% reduction in rates? If you are like most staffing company owners, it may have been some time since you did these calculations.
If it has been while, you may want to sharpen your pencil again. Insurer’s underwriters are really looking favorably these days at staffing companies that are willing to have some “skin in the game” vis a vis using a Work Comp Program with a deductible. Specifically, insurers will often reduce your rates when they see that you are willing to manage a deductible policy. Some staffing owners want a “guaranteed” program where their is no deductible. But the insurer will usually charge a premium for these polices, since they assume that they do not have a “partner” as a policy holder helping them manage and reduce claims.
So as you begin to look at your renewals for 2012, it can be well worth a few hours of your time to see what your Work Comp premium would have been if your rates were lower, as a result of having a deductible in your policy.
Please call us at 202-302-1212 for a FREE quote, that can include various deductible options.
Happy Staffing and Happy 4th of July,
David Schek
www.StaffingCompSolutions.com
by David Schek | Jun 20, 2011 | Staffing Company, Workers Comp, Workers' Compensation Insurance
StaffingCompSolutions.com is one of the largest exclusive Workers Compensation broker service for the staffing industry. In just the last 4 years we have brokered Work Comp deals for dozens of staffing clients representing over 60M in staffing payroll. Prior to starting Work Comp Staffing Solutions in 2007, David Schek the owner, built and managed a 70 office national staffing company. So we know about your concerns and have developed solutions to increase your bottom line.
Even if you have had significant work comp accidents in the last 3 years we can help improve your safety procedures so you can qualify for lower rates. Check out our blogs for helpful advice to lower your current premiums. Call me today to get your FREE Work Comp Quote and receive your $50 Starbucks Gift Certificate.
Best Regards,
David Schek
President – StaffingCompSolutions.com
202-302-1212
www.newcompquote.com
by David Schek | Jun 13, 2011 | Staffing Company, Tips, Workers Comp, Workers' Compensation Insurance
First Injury reports are a very important document that memorializes each workers compensation accident. Some staffing companies, at their own peril, do not provide a First Injury Report if they feel that the accident was “too small” to make a big deal about. Also some staffing companies feel that if the insurance company knows about each little accident, their rates will increase.
While it is true that insurance companies do include the number of accidents in the formula for computing rate increases and decreases, First Injury Reports also puts the employee on notice that the insurance company is going to start their investigation of the particular accident immediately. When the employee knows you report ALL accidents, this discourages them from trying to involve lawyers in the claims process; which will inevitably increase the cost of the claim related to that particular accident.
Also, by demonstrating to all employees that First Injury Reports are created for all accidents, you will reduce the amount of fraud that may be attributed to your workers compensation account.
Please feel free to contact me with any comments or questions. For a FREE workers compensation quote, call 202-302-1212 or visit us at www.newcompquote.com
Best Regards,
David
www.StaffingCompSolutions.com
by David Schek | Jun 8, 2011 | Professional Employer Organization (PEO), Staffing Company, Workers Comp, Workers' Compensation Insurance
In a word, Yes. Staffing companies still have three main options for workers compensation. 1) State Funds which are usually the most expensive option. 2) Staff Leasing or PEO, which can be a great fit with competitive rates if you need Comp in multiple States and/or want a “Pay as you Go” payment plan. 3) Direct Line Policies with companies like Travelers or AIG. While there are other options, they usually involve a variation of one of these.
Regardless of which option you choose though, the environment is especially challenging if your staffing company falls into one of these areas:
- a) You are a new / or less than a 1 year old staffing company with limited Loss Report history.
- b) You have claims in the last 2 years where the claims to premium ratio is worse that 1:2- For example 10K in premium and 8K in claims would be a challenge
- c) Your annual premium is less that 50K if you intend to try to get insurance with a Direct Line Carrier.
- d) Your staffing service area is in New England.
The best way to address these challenges is to give your broker or agent additional time (at least 4-6 weeks) to research as many options as possible for you. Also expect the underwriter to ask more questions about your company than they may have in the past. Make sure your broker has worked with staffing companies recently, so they know what to expect in the staffing work comp insurance market.
For a FREE work Comp quote, please contact us at 202-302-1212 or www.newcompquote.com.
Best regards,
David Schek
President StaffingCompSolutions.com
by David Schek | May 31, 2011 | Staffing Company, Tips, Workers Comp, Workers' Compensation Insurance
As a workers compensation broker who previously owned a staffing business for many years, I know it may be difficult to keep track of all the anniversary dates for your various insurances. For instance, your general liability insurance may have one anniversary date while your health insurance policy may have another. And workers compensation insurance may in fact have a third anniversary date that you need to monitor. So I understand that staffing company owners sometimes find themselves with precious little time to secure the best workers compensation policy with the lowest rates.
Having said this, staffing company owners are sometimes surprised to find out how much they save when StaffingCompSolutions.com present a new quote to them; and how often they wish they had their policy re- quoted more regularly. Just last week, a 2M staffing company contacted us because they had not had their workers compensation quoted in 5 years. With their new quote from StaffingCompSolutions.com, they will be saving nearly $50K a year. If they had had an annual workers compensation quote over the last 5 years, they could have saved over two hundred thousand dollars!
So unlike going to the dentist, getting an annual workers compensation “check up” is easy and painless, and can possibly save you thousands of dollars.
Please feel free to contact us at any time for your FREE annual workers compensation quote at 202-302-1212.
All the Best
David Schek
President
david@StaffingCompSolutions.com
www.newcompquote.com
