How to Maximize the Discounts on Your Workers Compensation Insurance

Are you receiving all the discounts and credits possible on your workers compensation insurance?

Maybe, maybe not.

There’s a good chance you didn’t realize workers comp had discounts and credits available. We find over 71 percent of our new clients had no idea discounts and credits existed, let alone how to receive them on a workers comp policy.

In this short video we explain….

Get a workers comp quote today and make sure you’re maximizing your discounts.

Workers Compensation Discounts

There are many discounts and credits available on a worker’s comp insurance policy. However, most businesses do not take advantage of these discounts credits for several reasons:

  1. Set-It-and-Forget-It – Far too many business owners set up a worker’s comp policy and then never review it again. Over time they miss opportunities to apply for discounts and credits
  2. Lack of Guidance – This might sound crazy, but most insurance agents do not specialize in worker’s comp (As we do, see RogueRisk365). This leads to a lack of clear guidance on how to best set up and maximize your worker’s comp policy.
  3. Wrong Insurance Carrier – Every insurance carrier has a different appetite for the types of businesses they want to work with. When your worker’s comp is not properly aligned with the insurance carrier you miss potential discounts and credits.

The best place to start is always by receiving a no cost, no obligation Worker’s Comp Experience Mod Audit and Review.

Discounts and Credits

Your first step in maximizing workers’ comp discounts is to find a specialist independent agent who can match you with the best worker’s comp insurance carrier. Once you have the right carrier, it’s time to work on applying the following discounts and credits:

  • Safe Workplace – To receive the “Safe Workplace” discount you’ll need to be able to produce a safety manual and show that employees are regularly trained on safety procedures.
  • Return to Work Program – To receive the “Return to Work” discount you’ll need to be able to provide a copy of your return to work program and show you’ve actively implemented the program.
  • Drug-Free Workplace – To receive the “Drug-Free Workplace” discount you must have a written drug policy and testing procedure.

If you need help producing these documents and implementing these programs into your business Rogue Risk can help. Just fill out this form.

  • Individual Risk Premium Modification (IRPM) – IRPM credits are carrier-specific and can be applied based on agent/underwriter discretion depending on the quality of different aspects of a business (i.e. Leadership, Safety, History, Programs, etc).
  • Experience Modification Factor – The Experience Mod applies a credit or debit to your manual worker’s comp premium based on your business specific loss history versus what is expected for your business type and size. Learn everything you need to know about Experience Mod here.
  • 2nd-Level Class Codes – Certain insurance carriers provide “2nd-Level” classification codes which can often provide additional pricing benefits for businesses based on their very specific nature.

The Rub

As you can see, worker’s compensation insurance pricing is far from straight-forward.

If your insurance professional has not dug into these discounts and credits with you then you are most likely overpaying.

Workers compensation doesn’t have to be confusing, complicated or costly. There is another way. At Rogue Risk, we help businesses overcome these obstacles.

If your current insurance professional has never addressed issues such as total cost of risk or return to work programs with you before, then I’d encourage you to reach out to us today.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley

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24 4th Street, Troy, NY 12180

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