Work Comp Premium Deductibles

Unlike a guaranteed program (like most State funds), with a work comp deductible element on a policy or PEO program you agree to pay a specific amount of money out-of-pocket when you file a covered claim.

For example, one of your employees has an accident, and the accident will cost the insurance company (or PEO) $5,000. If you’ve set your deductible at $500, then you’ll pay the first $500. The workers’ comp insurer pays the remaining $4,500. Alternatively, if your employee’s accident results in $500 worth of comp costs (or less), you’ll pay the entire workers’ comp claim.

A lower deductible means you’ll be spending less out-of-pocket, but your actual workers’ comp rate per code is usually higher.  By the same logic, increasing your deductible can usually help bring your premiums down.

FREE Workers’ Comp Quote

Let us give you a FREE Comp Quote. We love to beat the State Funds Comp Rates and to save you money. And we’ll get it to you in 24 hours.

Click Here

Contact Info