What can I do to bring down the cost of workers compensation insurance?
The best way to reduce your workers compensation insurance premium is with a long-term commitment to workplace safety. Safety can have a significant impact on premium. For example, an account paying premium of $18,510 had an e-mod of 1.27. After experiencing no claims for the next four years, the account’s e-mod went down to .91, and premium went down 28 percent from the reduced e-mod alone. MEM policyholders with premium $1,000–$10,000 may also receive up to a 5 percent credit for being injury-free with MEM for five years. Policyholders with premium greater than $10,000 can receive up to a 10 percent credit for having a full-time, trained safety coordinator. What is a certificate of insurance? A certificate of insurance is a way to verify insurance coverage. It shows the name of the certificate holder, policyholder, insurance company, policy number, type of insurance coverage and policy effective dates. For workers compensation, it also indicates whether the owner is included for cove
