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
by David Schek | May 16, 2011 | Staffing Company, Tips, Workers Comp, Workers' Compensation Insurance
I am sure you have heard the old adage, “Safety is no accident.” Well it is as true today as when it was first spoken many years ago. The first step in making sure that safety is no accident in your staffing company is to identify a “Safety Manager” and give the person the responsibility to develop and execute workers compensation safety programs. (There are many safety program templates on line.) Your Office Manager or an ambitious Recruiter can be a good fit to take on these additional responsibilities. The important characteristic of your Safety Manager should be that the individual feels a strong passion to improve your safety track record, and is financially rewarded when your work comp rates decrease.
For example, if your annual workers compensation premium is $50,000, and your annual claims are about $35,000, you are probably paying average workers compensation rates for your codes. But with more diligence by a Safety Manager (i.e. following up on claims, focusing on light duty assignments etc.) you may be able to lower your rates and save $10–$15,000 in your annual premium. Then, by sharing some of these savings with the Safety Manager (and other staff if appropriate) you could develop a real win – win safety strategy in your office.
Safety is certainly no accident, just like paying the lowest Comp rates does not just happen by chance. You should shop around with the right broker or agent who knows Comp and knows your business.
For a Free workers compensation quote, or to discuss ways to improve your staffing safety programs, feel free to call us 202-302-1212.
David Schek
President Work Comp Staffing Solutions
www.StaffingCompSolutions.com
by David Schek | May 9, 2011 | Staffing Company, Tips
The importance of safety in your staffing organization should be made very clear from the start of the relationship with the temporary employee. Temporary employees that understand how serious you and your staff feel about safety on the job, will be more safety conscious which mean less workers compensation claims for you.
For example, your interviewer should discuss in detail the steps that your staffing company takes when a work comp accident occurs. Not only will your staff document the accident, but that you will undertake a complete investigation of the accident. By demonstrating in the interview that your staffing company is not a place for unsafe employees, you will encourage safety among your temporary employees and discourage fraudulent claims.
Please feel free to comment on this blog.
Regards,
David Schek
President- Work Comp Staffing Solutions
202-302-1212
Remember you will receive a $50 Starbucks Gift Certificate with each new Quote from Work Comp Staffing Solutions. Visit us at www.newcompquote.com
by David Schek | May 2, 2011 | Workers Comp, Workers' Compensation Insurance
Call Us Today and Get a FREE Work Comp Quote… and a $50 Starbucks Gift Certificate.
StaffingCompSolutions.com is one of the largest exclusive Workers Compensation brokers 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. We have exclusively been servicing the staffing community for the last 22 years. We are experts in many different workers compensation programs that can lower your rates- even if you have had significant work comp accidents in the last 3 years. And if you are using your State fund, we know you are definitely paying too much in premiums.
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
Please visit our web site at www.newcompquote.com to find out more about Workers Compensation Programs for your staffing company.
