If you’re in charge of managing your large company’s workers’ compensation insurance premiums, it’s important to note the many creative methods that you can use to save thousands on your premiums. When it comes to finding Connecticut large account workers compensation, the first step is to make sure that you’re working with an insurance company that is interested in helping you find the policy or collection of policies that will help you cut down on your costs.
Guaranteed Cost Plans
One of the primary forms of large account workers’ compensation is the guaranteed cost plan. It’s one of the more traditional ways that you can lower your premiums since the premium is determined at the start of your policy period and is not subject to any change or adjustment after any loss of experience. Since this premium is multiplied by payroll, it’s a flexible yet traditional way to manage your large and fluctuating insurance needs.
Retrospective Rating Plans
Retrospective rating plans are a more creative way to eliminate premium inefficiency. As the name suggests, you don’t set the premium cost until the policy term has ended, so you basically only pay for the claims that had to be filed in that time.
If you find a company that offers these forms of Connecticut large account workers compensation, you’ll be on your way towards saving your business a considerable amount of money.