How Your Net Rate Affects Your Workers Compensation Premium

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=wzN-rOLoZM4

In previous videos, Fusco Orsini Associates provided information regarding the experience modification factor and how it affects workers' compensation rates. In today's video, Mike explains work comp net rates in one minute! • In this One Risk Minute video, Mike Fusco briefly explains how work comp carriers determine net rates. In many cases, business owners do not know their work comp net rates for every $100 payroll. • Mike and his team stress the importance of business owners understanding their net rates. Businesses across the country contact our insurance agency every day, seeking assistance with their work comp policy; in many cases, business owners want to find ways to reduce their workers' compensation insurance costs and their overhead. However, when the topic of net rates arises, most businesses do not know the meaning of net rates. There are reasons for this, such as lack of explanation from the current insurance agent or being under contract with a PEO or payroll provider. If a PEO or payroll provider places the work comp on the business's behalf, they 'blend' the rates with other fees such as payroll taxes, admin fees, etc. • All business owners need to understand net rates to properly budget their work comp insurance overhead. Insurance carriers file 'base rates' with their state's Department of Insurance, and, in many cases, the 'base rates' show up on the policy's declarations page. But, it's important to note that insurance companies and company underwriters apply discounts and surcharges when pricing policies, such as premium modifiers, territory modifiers, schedule modifiers, and experience modification factors. After all of these factors are applied, the net rate is determined. • Fusco Orsini Associates folks are happy to help you understand your worker's compensation base rates. Please feel free to follow us online on the following sites. • Facebook: / foagency.ins • Instagram: / foagency.ins • LinkedIn: / fusco- -orsini-insurance-services-inc- • Website: https://foagency.com/ • And, please, subscribe to our YouTube channel to view future videos for helpful information relating to insurance, risk management, and compliance. • #workcomp #netrates #premiumsavings #baserates #smallbusiness #insurance #riskmanagement

#############################

New on site