Workers Compensation Insurance
Starting and running a business is one of the most rewarding experiences for many entrepreneurs. With that does come responsibilities, and one of the top concerns for any employer is keeping your employees safe while at work and under your due care.
But at time when a worker does suffer an injury, workers comp insurance coverage provides your employees with protection they need and provides you with risk and financial tools required (in many states) to help them back to health and back to their employment status.
As many business owners are particularly aware, workers compensation insurance must be purchased as a separate policy. Workers comp insurance typically only covers injuries or illnesses when that occur on the job at or away from your premises as a result of duties performed by your employee while at work, the scope of the coverage of the policy is limited to duties performed by employees and the rate of your premium is determined by employee class codes set by your State and/or Bureau.
Workers Compensation Insurance may cover:
Peloton Insurance Brokers, LLC., works with businesses like yours to provide Workers' Compensation reviews, cost analysis, Class Code reviews, Premium Projections and Ex-Mod audits, reviews and projections:
Policies on Monthly Payroll Reporting or monthly fixed payment options to help spread out your payments so you can better manage and project your yearly expenses
Tailored coverage for the specific risks of your field and industry
Knowledgeable agents who provide exceptional service
Fast and simple quotes, helpful and responsive agents
Peloton Insurance Brokers are ready to Partner with you through our Private Client Services to guide you through the process of placing you with the appropriate carrier tailored to your business and/or service type, allowing you to take control of your finances and expenditures.
Our professional staff are trained on laws involving workers compensation and requirements and will work with you to determine your ideal package.
Controlling your Workers' Compensation Costs with Experience Rating Modification Analysis
Many of you may have an Experience Rating Modification already or may be getting close. Your Experience Modification Rate is a number used by insurance companies to reward (Credit) or penalize (Debit) businesses (those with losses) that is multiplied against your Premium Rate per Class Code used and determines your final premiums paid for workers compensation insurance.
The Ex-Mod is determined by your company's workers compensation claim history and payroll and is calculated and published by the WCIRB (for CA companies), depending on your state you will have your own Workers' Compensation Rating Bureau (the most common for many states is NCCI).
To learn more about the Ex-Mod and to sign up to receive an update when your Ex-Mod is updated by the Work Comp Bureau, click the button below.