Worker’s compensation is an absolute must for most companies—it keeps employees safe, helps them recover if disaster does strike, and in many places is required by law. But it can also be a major expense, especially for companies with large accounts and payrolls. There are a number of different options for Connecticut large account workers compensation.
The first choice is a guaranteed cost plan, where the premium is determined at the very beginning of the policy period and is not adjusted until it expires. The policy will be manually rated and adjusted by modifiers, then multiplied by the company’s payroll.
Another option is a retrospective rating plan, where the ultimate premium is determined after the policy expires. The final premium is determined based on the actual losses of the business, which means that this plan is best for accounts paying between $150,000 and $500,000 for worker’s compensation.
Finally, a company might choose a large-deductible plan, which is ideal for accounts paying over $500,000 in premiums for workers compensation. This plan allows big companies to self-insure against workers compensation risks without worrying about burdensome filing requirements. The insured is responsible for the first part of a loss, with the insurer covering everything over that amount.
It can be difficult for large companies to find affordable worker’s compensation, but there are options. With a little foresight and effort, it’s possible to find Connecticut large account workers compensation plans.