What can I do to bring down the cost of workers compensation?
The best way to reduce your workers compensation premium is with a long-term commitment to workplace safety. Safety can have a significant impact on premium. For example, a plastics company averaged 18.3 claims over a six-year period, giving them a 1.43 e-mod and premium of $107,561. Over the next three years, they reduced their e-mod to .68 by reducing injuries with increased safety efforts. This resulted in a premium reduction of $54,000or 50 percent! In addition, MEM policyholders with premium $3,500$10,000 may 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 proof of insurance coverage. It shows the name of the certificate holder, policyholder, insurance company, policy number, type of insurance coverage and policy effective dates. For
