Workers Compensation can frustrating, irritating, and downright painful to the bottom line of a business. Most businesses with an employee are required by the State of Indiana to have a workers compensation policy so this subject can make businessowners feel backed into a corner.
The reality is that Worker Compensation is meant to protect the employee and its laws tend to be employee friendly so an active discussion about this subject can help a business’ future stability and profitability.
It is important to have an independent agent that creates value through relationship and high quality options. Most everyone starts at the bottom line premium, but let’s touch the surface on how we get there.
Here are the rating basics in a simple 3. 2. 1.
1. Carrier Rates – Carriers often have different filed industry specific class rates through the Indiana Department of Insurance. Payrolls are applied to these rates.
Recently, we worked with a prospective painting contractor with 25 employees that was with a carrier that had a filed rate 20% higher than one of our carriers. If they are bidding jobs with a higher cost/lower profit margin how do you think that would impact their business over the long term?
2. Schedule Modification Factor – Carriers in the State of Indiana can give a credit or debit modification of up to 50%.
How confident are you that your agent is advocating for you?
3. Experience Modification Factor – Many small/mid-sized businesses have a state calculated modification that is based on their company’s experience.
Do you know there are types of claims that affect it more than others? And that these types of claims can be preventable? A poor claims experience can haunt workers compensation premiums for years.
Have questions? Want an independent review of your workers compensation policy and services? Here’s your invitation.
Jeremy Hyde | Colligan & Company
This is the right blog for anyone who wants to find out about workers compensation. You definitely put a new spin on a topic thats been written about for years. Great stuff!
Thanks for your write-up.
Very interesting subject, thanks for putting up.
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It absolutely useful and it has helped me out loads. Good job.
Great post. I was checking out this blog and I’m impressed! Extremely helpful insurance info. I was looking for this particular information for a very long time. Thank you and good luck.
I like your website and insurance blog. Workers Compensation is a difficult subject. State Farm would not do my workers compensation!
It’s really a great and helpful piece of information on workers compensation. I’m satisfied that you just shared this useful info with us.
Please stay us informed like this. Thank you for your help on business insurance issues here in Indiana.
Workers compensation is a difficult subject, this is a good start
Many thanks, I appreciate it!
This really answered my problem on workers comp, thank you!
It’s hard to find workers compensation insurance for us small business guys… thankful for other small agencies that will service the “small” businesses here in Fort Wayne… Ed
I wonder how COVID-19 affects workers compensation. That would be an interesting article.
I haven’t bought workers compensation, I’ve always just gotten by with myself and a handful of employees but I get the feeling I should be buying this.
Pretty! This has been an incredibly wonderful article.
Many thanks for supplying this information on workers compensation.
This is a nice summary on workers compensation, you need to talk with Colligan to know more though
I’m glad you were able to help us with workers compensation. It stinks it’s a state requirement, but I understand now.
Finding a workers compensation agency is tough, glad you can help better than State Farm was able to help.
Workers Compensation is more difficult than any of the captive agents should be trying to handle, go to an independent agency like Colligan
Heya! I realize businesses need to buy workers compensation but it’s expensive. I want to talk how to reduce these costs.
You should look at workers compensation with a local insurance agent only
This can get expensive so be sure to take care of your employees safety issues
Workers compensation can be hard to obtain, you made it easy!
A small local independent agent is so nice to have for small businesses,especially for business insurance.
Getting workers compensation insurance can be difficult to get and understand, thanks for this
Workers compensation is tricky and expensive but you need it
Every business with employees needs to get this
Everyone things it’s expensive until the medical bills start to roll in from an injury
Awesome :) Thanks on the Workers Compensation
I have a concrete business I needed workers compensation and I had other agents have problems getting. Thanks Colligan
Thanks for getting me workers compensation.
Workers Comp Insurance…I don’t want to pay for it but I understand…
Thanks for the info work comp
Workers Comp can be a different beast in insurance. Talk w your agent.
I’m really enjoying the design and layout of your blog. Good info on work comp
I’m grateful for the ease of business with Colligan. These guys get it done.
Indiana workers compensation is required and now I know my claims impact my cost
Workers compensation in Indiana is pretty cheap compared to other states.
I got a rude awakening when I found out health insurance would not cover my employee’s work injury.
Workers compensation is confusing and I’m frustrated I have to buy it
Workers comp in Indiana can be hard to find
Colligan helped us with Workers Compensation Insurance when we were a start up company. Now we have over 40 employees.
Workers compensation in Indiana is so much cheaper than Ohio
Workers compensation is mandatory for companies with employees or they are on the hook if an employee gets hurt on the job.
This makes sense mostly but why can’t health insurance just be all encompassing?
I’ve seen some bad injuries on a construction site, you need this
Great, thanks for sharing this article. Awesome.
Workers Compensation is expensive and really I hate paying for it but I really need to pay if my workers does not take the safety precautions I told him to take!?!
I had an employee get hurt and I didn’t have workers comp
Lots of annoying regs by the government make it hard to start a business
It’s appropriate time to make some plans for the future and it is time to be happy.
I have read this put up and if I may just I desire to recommend you some interesting things or suggestions. Perhaps you could write subsequent articles regarding this article.
I wish to read more issues!
You guys are a really good insurance agency
This is important, thanks for the blog
Hello
Thx
I got what you intend, appreciate it for posting.
There is a lot in here I still don’t understand. I’d like to setup a meeting to go over Workers Compensation for my business
Workers Compensation is messy and really hard to figure out. I need help
Thanks for the comments on workers comp, good info, good start to discuss
Hello thanks for the good info on workers compensation. Keep it up and I’ll consider your insurance agency
Thanks, Leilani Haynie
Workers comp so confusing, this helps a little maybe
Workers Compensation is a tough line of insurance. thanks
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I have 7 employees and just found out I should have workers compensation, upps! Good thing nothing happened!
There are a ton of companies that don’t have workers compensation, just sayin
I had an employee get hurt, they sued me. I didn’t have any workers compensation. Ups
Many people just think this is just an easy thing, you need to pay attention or it will get really expensive really fast
Workers compensation is an employee government requirement!
There are many people that get hurt at work, this should be a requirement
Work accidents happen, and the costs can get outrageous
Everyone needs a quality workers compensation carrier
I have a few questions on my workers compensation we have with Sentry Insurance, would you be willing to look at our program?
Thanks, Christy Heymann
Good short article on workers compensation. Thanks
Workers Compensation is the pits, I’ve wondered about this many times…
work injuries are a pain to deal with and costly
Thanks for the info, can get complicated can’t it
workers compensation can get tricky and expensive!!!
Excellent post, I think various other website owners should learn a lot from this web
site its really user-friendly and contains great articles.
I had an employee with a FAKE injury! But workers comp paid it anyways! It cost me thousands!!
Hi there, I cannot tell you how frustrating workers compensation is. I need an agent like you. please reach out to me at
That’s a good short intro to workers compensation…
Workers Compensation can be tough… thanks
nice short article on workers compensation, tough subject