Cutting Costs With New Jersey Large Account Workers’ Compensation

New Jersey large account workers’ compensation

If you find that you have a hard time managing your large company’s extraordinarily high workers’ compensation premiums, fear not. There are many creative ways that you can lower those premiums without eliminating the coverage that you need in case any of your many employees suffers from an accident while on the job. To find the best New Jersey large account workers compensation, make sure that you can get guaranteed cost plans, large deductible plans and retrospective rating plans.

A retrospective rating plan is unique in that the ultimate premium is determined once it expires, hence the name. This is extremely useful for any company that spends between $150,000 and $500,000, since you can avoid wasting money by setting the premium later based on how many claims were actually filed.

Guaranteed cost plans are another essential method that creative insurance companies have to lower your large account premium. In essence, the billed premium is set at the start of a policy period and isn’t adjusted because of loss of experience. This differs greatly from other policies since this one is manually rated and is only adjusted by a loss cost multiplier and an experience modification.

With these methods and large deductible plans, a creative company that offers New Jersey large account workers’ compensation can help you regain control of your high insurance premiums and save a lot of money.