Workman’s Comp Rates
September 1, 2009
Have you noticed that workman's comp rates continue to rise year after year? Have you ever sat and wondered why this is?
I'll let you in on a little secret...
Workman's comp insurance companies offer really good rates when you initially sign up. Their goal is to sucker you in and clamp down on you once they have you.
Once they have you, they start jacking up the rates year after year. Think of it like a teaser rate from credit card companies. Their goal is to make money, not give you the best deals.
What you may not realize is that big businesses usually switch carriers every year. This way they can capitalize on cheaper workman's comp rates each year.
Most of these businesses know how the game is played. The biggest issue I find is that most business owners are not aware of all the mistakes that insurance companies make.
Which a majority of the time just happen to be in their favor...go figure.
And you know what? Most employers just go right along with it.
The problem is why they go along with it.
Take a look at your policy and your audit sheets and you will understand why. It's usually so complicated and hard to understand that even if there was a mistake, chances are you wouldn't even know it.
If you would like to know more about these mistakes and workman's comp rates then click here.
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