☰ ˟
Call Us Today / 855.554.6482
Logo
  • Home
  • Get A Quote
  • Policy Service
  • What We Offer
    • Automobile
    • Business & Commercial
    • Flood
    • Homeowners
    • Limousine
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • SR-22
    • Watercraft & Boat
  • Resources
    • View Our Blog
    • Review Us
    • Insurance Glossary
    • News Center
  • Payment/Claims
  • About Us
    • About Guardian Insurance
    • Our Location(s)
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact Us

Find the right coverage that fits your needs!
Home > Blog > Will Your Insurance Rates Go Up After A Workers Compensation Claim?
TUESDAY, NOVEMBER 5, 2019

Will Your Insurance Rates Go Up After A Workers Compensation Claim?

If your business has one or more workers compensation claims, there's a chance that your premiums can go up. That's because past claims are one of two factors that determine your workers compensation insurance rates.image of worker comp claim form

Workers Compensation Insurance Rates Calculation

There are two components that insurance companies use to set workers compensation rates. The first is a classification based on your industry and each workers' duties. This is standardized across businesses. If two employees are performing identical tasks for two different identical competitors, both employees will have the same classification, and both competitors will pay the same rate. The only adjustment is for any difference in salary, since the rate is multiplied by salary.

The second component is your history of filing claims. This is usually called an experience modifier because it's a number you multiply your base rate by. The modifier shows if you have below average, average, or above average risk. If your claims equal the industry average, your modifier is 1.0, and you pay the base rate. If your claims are above the industry average, your modifier increases, and so does your premium. If you have below average claims, your modifier and your premium decrease.

Can You Get Your Rates Back Down After a Claim?

Rate increases aren't permanent. Just like a claim can increase your modifier, reducing future claims can bring it back down. For example, you might place a greater emphasis on safety and training to avoid accidents. If you successfully reduce your number of accidents, your modifier will fall over time. Eventually, it's even possible that you could end up paying less for workers compensation insurance before you had the claim.

What Else Can You Do To Lower Workers Compensation Insurance Rates?

In addition to reducing claims, there are a couple of other common ways to reduce your rates. One is by reducing the size of claims by helping workers return to work sooner, even with altered duties. That way, they don't need to file for disability for as long a time. Another way to reduce your premiums is to see if your insurance provider offers discounts for participation in things like the Drug-Free Workplace program.

Also Read: The Importance of Workers' Comp to Your Employees

Posted 3:56 PM

Tags: workers compensation, business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011

  • insurance(40)
  • georgia(25)
  • business insurance(24)
  • coverage(24)
  • guardian insurance(22)
  • auto insurance(18)
  • lawrenceville(12)
  • atlanta(8)
  • protection(8)
  • renters insurance(8)
  • georgia insurance(7)
  • home insurance(7)
  • motorcycle insurance(7)
  • tips(7)
  • general liability(6)
  • atlanta auto insurance(5)
  • liability(5)
  • lawrenceville ga insurance(5)
  • commercial auto insurance(5)
  • car insurance(5)
  • car(4)
  • flood insurance(4)
  • auto(4)
  • rv insurance(3)
  • auto insurance lawrenceville(3)
  • lawrenceville car insurance(3)
  • workers compensation(3)
  • requirements(3)
  • sr-22 insurance(3)
  • lawrenceville auto insurance(3)
  • builders risk(3)
  • options(3)
  • recreational vehicle insurance(2)
  • rates(2)
  • flooding(2)
  • unmarried couples(2)
  • premiums(2)
  • commercial insurance(2)
  • maintenance(2)
  • customer service(2)
  • roswell auto insurance(2)
  • small business insurance(2)
  • car insurance lawrenceville(2)
  • buy auto insurance(2)
  • safety(2)
  • lawrenceville motorcycle insurance(2)
  • general liability insurance(2)
  • atlanta rv insurance(2)
  • liability insurance(2)
  • boat insurance(2)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Guardian Insurance
888 Pleasant Hill Rd NW, Suite E
Lilburn, GA 30047
We at Guardian Insurance have been offering our customers tailored polices with the best coverage at the most affordable price. We service several areas such as the the Metro Atlanta area of Georgia.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Join Our Newsletter/ Refer A Friend
Quick Help Links
Quote Forms/ Make a Payment/ Insurance Glossary
Icon Icon
Icon Icon Icon
Social Icon Social Icon Social Icon Social Icon
© Copyright. All rights reserved. Powered by Insurance Website Builder