Workers Compensation – The Price is Right!!!!
October 20, 2021
Written by Bill Butler CIC, CISR, CWCA
Certified Work Comp Advisor
Paying too much?
We have found that most Veterinarians are overpaying on their Workers Compensation premium by 22%. There are a variety of reason for this…
- incorrect class codes
- incorrect payrolls
- working with an agency who doesn’t understand your industry
- being placed with a carrier that over charges for Vet clinics
In most cases the Veterinary Practices we work with didn’t have a clear understanding of how their workers compensation premium is calculated, what an experience modification is and how that affects the premium prior to working with us.
Your payroll multiplied the rate per $100 of payroll is how the base premium is calculated and in Minnesota every insurance carrier charges a different rate per $100. Working with a agency that understands your industry is the first step in making sure you are getting the best value for your Work Comp policy.
How do you Know if You Are Paying Too Much?
If your rate of remuneration is more that $1.40 you are paying more that you should for Workers Compensation. If you are claims free or have lower claims in the last 3 years you shouldn’t pay more that $1.20 per $100 of payroll.
To see what you could be paying for Workers Compensation use our Quick Quote Tool and in less than 3 minutes you can get a Workers Compensation quote. We can work with you to finalize it once submitted to see if we can save you 22% with one of our preferred carriers.
The insurance professionals at Butler Vet Insurance would love to assist you in making sure you are paying the right price for your Workers Compensation Insurance.. For more information Contact Us.
For information on other Workers Compensation Topics