Indiana Workers Compensation Rates Will Decline in 2019 by 7.6 Percent
Indiana Workers Compensation Rates 2019 will be declining by an amount of 7.6 percent on average for businesses throughout the state. The Indiana Department of Insurance approved the rate decrease in October and the savings will amount to a total savings of more than $60 million for Indiana Businesses.
Why are Indiana Workers Compensation Rates 2019 Declining
Indiana Workers Compensation Rates 2019 are decreasing because of lowering frequency of worker injuries. The department of insurance also credited a robust job market as a reason for lower rates because as the economy grows people open more businesses which create a larger base for insurers to collect premiums.
How can Business Owners Maximize saving on Indiana Workers Compensation Rates 2019?
Shop around your policy
It is not a good idea to switch carriers every year based upon a slight drop in premium, but it is equally important to shop your policy around from time to time. This will, at the very least, make sure your current carrier is offering you a competitive salary.
Partner with an Independent Agent
Partnering with an independent agent is always the best way to maximize savings when purchasing commercial insurance. An independent agent can shop your policy around to multiple carriers as opposed to a select few. This allows you to focus on running your business while your agent shops around your insurance policy for you.
Make Sure You are Classified Properly
Many businesses have employees who are not classified properly. This can cause the business to over or under pay for premium. Even when this gets cleared up during the end of term audit, it still causes the business to either over pay throughout the year or have an unexpected additional payment at the end of the term.
Implement a Well-documented Safety Program
A safety program will help your business in a number of ways. It prevents injuries to employees and damages to equipment. Lowering the frequency and severity of injuries will keep your workforce healthier and happier. It also will prevent drastic increases in insurance premium because of less claims that result in the insurance company paying out less for those claims.
Include a Return-to-Work Program
If you stay in business long enough, eventually an injured worker will occur. When they do occur, limiting the amount of time they spend off the job will drastically impact your businesses experience modification rating.