Coopers Insurance Agency – (818) 706-2292 – 30423 Canwood St. Ste 239 Agoura Hills, CA 91301 – – Info@CoopersInsurance.com – Tip of the Week – SCOTT COOPER INSURANCE AGENCY, INC.
One of the most important factors used to determine the premium of your workers 'compensation insurance policy (or rate) is the number of workers' compensation claims you have or had against your business (this is used to determine the modification of the work experience). your business, or eg Mod.). These claims are incidents reported by your employees when they are injured or become ill while working in your business. The more claims you have, the higher premium you pay for your policy every month. * (Your premium payment history is another important factor in determining your rate!) *
Reducing workers' compensation claims is a vital practice to maintain a lower premium!
Some business owners implement various strategies to minimize the number of Work Comp claims against their businesses. Group incentives are a wonderful way to motivate your staff to increase efforts to practice safe procedures and avoid unsafe actions or frivolous and unfair claims. One of our clients shared his advice to buy a lottery ticket for each employee at the end of each month who did not have a workers' compensation claim. Another client of ours does the same, but uses raffle tickets for prizes.
Regardless of how you choose to do so, focusing your efforts on reducing and preventing the amount of Work Comp Complaints against your company can mean a significant reduction in your insurance costs.
If you have any suggestions to reduce Work Comp Claims or Group Incentives, do not hesitate to let us know.
Have a safe and wonderful week,
The statements made during this video about policies and coverages provide general information only. The information provided in this video does not constitute professional advice; If you have legal, fiscal or financial planning questions, you should contact an appropriate professional. Any hypertext link to other sites is provided only as a convenience; we have no control over those sites and do not endorse or guarantee any information provided by those sites.
Video credits to Scott Cooper YouTube channel