Workers Compensation Pricing
Workers’ Compensation costs are a necessary and significant part of every healthcare facility’s operating expenses. Over the past few years the Workers’ Compensation market for healthcare has tightened; fewer carriers are willing to write the coverage yet every facility still needs to purchase it. Reduced underwriting capacity combined with other negative factors has resulted in more difficult and costly Workers’ Compensation renewals.
Healthcare facilities can minimize the cost of their Workers’ Compensation coverage through aggressive risk management protocols and creative risk financing plans. Depending on several factors, there may be multiple options for you to consider - guaranteed cost plans, dividend plans, retrospectively rated plans, and / or large deductibles. Your size, loss history, willingness to consider retaining some of the risk, and dedication to safety and claims management will govern the type of plan best suited for you.
Workers’ Compensation is an unavoidable cost of doing business. However, with proper control and oversight, you can make a major impact on the ultimate cost of your coverage. Identical facilities can pay significantly different premiums depending on the carrier, type of plan, and commitment to controlling injuries in the workplace.
LeadingAge New York has a long standing partnership with Cool Insuring Agency, Inc. Cool is a premiere agency that specializes in Workers’ Compensation. They maintain established relationships with the carriers that continue to write Workers’ Compensation coverage for the healthcare industry. They can save you money.
For more information about your possible options please call John Snow at Cool Insuring at 1-800-233-0115 or email firstname.lastname@example.org