About Workers' Compensation InsuranceWhether you are an established company looking for cost-saving solutions or a start up company setting up your first policy, Chief Insurance Solutions is here to help you secure the lowest workers' compensation insurance quotes on the market! Are you ready to explore new, cost-saving workers' compensation insurance coverage solutions? Complete our quick and easy Online Quote Application today and an expert broker will start preparing your quotes!
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Example 1: With No experience modification rating Payroll for class code 8810: $100,000 Base Rate for class code 8810: 2.00 Experience Modification: 1.00 $100,000 x 2.00 / 100 x 1.00 = $2,000 |
Example 2: With Debit experience modification rating Payroll for class code 8810: $100,000 Base Rate for class code 8810: 2.00 Experience Modification: 1.30 $100,000 x 2.00 / 100 x 1.30 = $2,400 |
Example 3: With Credit experience modification rating Payroll for class code 8810: $100,000 Base Rate for class code 8810: 2.00 Experience Modification: .88 $100,000 x 2.00 / 100 x .88 = $1,760 |
The first type of claims are frequent claims. Frequent claims are claims that happen at least a few times a year, but the actual cost of the losses are fairly small. Small, frequent claims seem like less of a bother to the employer, but they are a red flag for insurance companies. This is because they lead the insurance company to believe that nothing is being done to prevent these claims from reoccurring. With the help of a claims analysis from Chief Insurance Solutions, new safety procedures can be implemented to prevent the type of claim from reoccurring and once again put the employer in a favorable position with the insurance companies. |
The second type of claims are severe claims. Severe claims, or shock claims, happen infrequently, but they are more serious accidents or injuries and consequently more expensive. Severe claims seem more detrimental to the employer, but are less of a red flag for insurance companies. This is because the insurance company can see them as a fluke that does not necessary reflect inadequacies in the safety procedures or operations of the employer. Chief Insurance Solutions knows how to help underwriters isolate these types of claims when reviewing for quotes. This keeps the employer in a more favorable position to the insurance company when severe claims are present. |