How to Save Money on New York Workers Compensation Insurance

Caroline VegaWorkers Comp Tips

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How much money do you want to save on New York workers compensation insurance? That is the question many businesses are asking themselves when they are trying to decide what insurance company policy to get. If your answer is “a lot,” then you should definitely read on.

Many businesses spend time looking for an affordable NY workers comp plan and fail to consider how their coverage will impact their bottom line. This is a huge mistake. Below you’ll find 3 steps to help reduce costs on your workers’ comp insurance so that you can make even more money!

How to Reduce Workers Comp Insurance Cost

Reducing business insurance costs is a primary concern for many NY business owners.

Every dollar cut from insurance premiums translates into a $25 increase in your profit. This is why you need to do everything possible to find the cheapest workers’ compensation insurance plan for your company.

Cutting worker’s comp insurance expenses may seem like an elusive concept, but it is actually fairly simple to do. The steps below will help you find the best New York workers compensation insurance plan for your company so you can save money and boost profits.

Step 1: Find Out About Coverage Types

Find out what type of coverage in NY provides the most savings potential based on your business size. Working with an agent who has expertise and experience in this field will help make this process easier.

Step 2: Review your coverage

Check coverage to see if any changes can be made that will reduce the cost of workers comp insurance. Many companies don’t understand how to reduce their insurance costs or they have an outdated policy that can be changed to save money. Some companies are misclassified with the wrong class codes for their industry type, which can lead to a higher cost for the wrong type of coverage.

Step 3: Compare insurance carriers

Review what different insurance companies provide. Find out the best rates with the carriers as well as coverage amounts for your company.

Knowing how much workers comp you need is just one part of this equation – what type of coverage in NY provides the most savings potential based on your business size? Next, assess whether you are getting all the discounts available by asking specific questions and looking at what is necessary to get a discount.

Questions to ask:

  • What industry classification am I in?
  • Is my business properly classified?
  • How many people work for me?
  • Am I self-insured?
  • How much savings are you offering if my business hires a safety coordinator or has an onsite nurse?
  • What is the average discount for companies that provide their own worker’s compensation insurance coverage, and what is your minimum deductible requirement?

Working with expert workers’ compensation insurance agents can help you find the right combination of savings and coverage for your business.

The most important thing is to start getting quotes from different companies, so you can explore all your options when it comes to New York workers’ compensation insurance rates. Call Enforce Coverage Group today to get started.