Workers’ Compensation Insurance Discussion with Leroy Rocha
One of the most rewarding parts of my job is assisting business owners through the confusing and often frustrating task of purchasing Workers’ Compensation Insurance. Often, business owners are not aware of the tools and programs available to them to lower rates and make the cost of running a business in the State of California more affordable.
Every employer (with one or more employees) in the state of California is required to provide Workers’ Compensation Insurance to their employees. (Sole proprietors can purchase Workers’ Compensation for themselves however, purchasing health, life and or disability insurance may be a better alternative.)
There are recommended rates and carriers for Workers’ Compensation insurance however, the rates are not regulated by the state of California. It is important to consider all options when choosing a carrier (not just the cheapest premium.) It is important to not only consider pricing, but to also consider claims handling and loss control when choosing a carrier to partner with on your employer’s liability coverage.
This is where the experience and expertise of a licensed Insurance Advisor in most valuable.
Workers’ Compensation rates are based from a number of factors, including: industry classification, payroll, your company’s past history of injuries and any necessary adjustments made during the underwriting process.
The ultimate goal is to keep your employees safe and healthy and not require the use of Workers’ Compensation insurance. There are a number of programs that can ensure the wellbeing of your staff and ultimately lower your Workers’ Compensation Insurance rate. These include:
- Heat Illness Prevention Programs
- Injury/Illness Prevention Programs
- Planning of regular Safety Meetings and Inspections
There are also “Pay as you Go” options for businesses facing high deposits due to claims history or high rates. This eliminates the high deposit and allows businesses the flexibility of paying the premium based on their actual payroll per pay period. This option is particularly beneficial to businesses whose payroll fluctuates throughout the year (i.e. Season agricultural employees). There are many carriers who now offer “Pay as you Go” payment options. This method of payment eliminates high deposit, allows you to pay premium based on monthly actual payroll, improves business cash flow, and minimizes audit variances.
Even with all of the prevention practices in place, accidents happen and you want to be confident in your coverage and your agent. At Rico, Pfitzer, Pires and Associates, we work for you, the employer. We will find the best Workers’ Compensation program to fit your needs while supporting you through the set up and implementation of safety programs, as well as claims support with our full-time, dedicated Workers’ Compensation Claims Specialist.
Let us assist you in managing your insurance needs and get you back to running your business. We are happy to answer any questions and evaluate your current policy and loss prevention procedures at no cost or obligation. We will sit down and discuss the options and solutions. I can be reached via email at LRocha@rppins.com or on my mobile at 209-595-3502.