WORKERS COMPENSATION INSURANCE
WORKERS COMPENSATION IS REQUIRED AND WE'VE GOT YOU COVERED!
We provide Workers Compensation Insurance. It is required by law that you must carry this coverage for your employees. If one of your employees is injured on the job, medical coverage and income continuation is what needs to be provided for them. Rates and cost vary from state to state. Availability within the marketplace will also vary depending on which state you are in. In many states, wheels based companies find themselves with very few options. As a large brokerage specializing in transportation risks, we have many markets available for virtually any situation.
Your experience modification factor has a direct impact on your premiums. This will be either a credit or a debit modifier and it is the result of your prior 3 years of experience. Once your experience mod is adversely effecting your premium, is there anything you can do about it? Yes. We have relationships with several firms, not only in our locality of New York and New Jersey but nationwide, which specialize in reducing your experience mod. Oftentimes in the transportation business, your employee is hurt as the result of an accident that is not your fault. If the claim is subrogated (responsible company reimburses your carrier for damages), the negative impact against your experience mod can be reversed.
ARE THERE ALTERNATIVES TO TRADITIONAL WORKERS COMPENSATION POLICIES? YES!
Bad Experience Mod? As you probably know, your experience modification factor is based on your prior 3 years of loss experience. This factor is either a credit or a debit applied to your premium depending on how your loss experience stacks up to others in the industry. Many times, with transportation related risks, your driver or aides could be injured through a non-at fault accident. If your insurance carrier is not going after the responsible party for those dollars paid out, your experience mod could spike up for years to come costing you THOUSANDS of dollars through no fault of your own. What can be done? We have affiliates who research your losses paid out to make sure claims are subrogated and responsible insurance carriers pay their share. They also research other factors which go into the calculation of your experience mod where there are often mistakes made to your disadvantage. These firms work on your behalf to save you substantial dollars. You only pay them when they recoup dollars on your behalf.
Dan Thompson - Principal
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Dan Thompson - Principal
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Contact Dan Thompson for questions or for more information on Public Transportation Insurance.