Business
Workers Compensation
Accidents happen on the job, even if you work in a low-risk office environment.
That’s why workers compensation insurance is considered mandatory insurance if you have a business with employees. Here’s the catch though: workers compensation is one of the highest insurance costs businesses take on. And, if it isn’t carefully monitored, premiums can rise and fall without any warning or notice. Thankfully, this is one area where Dave Murray’s years of knowledge and experience with workers compensation comes in handy. We’ll help you identify key areas that affect your workers compensation premiums and work with you to educate employees on how you can lower your risk.

What affects my workers compensation premiums?
There are a lot of factors that play into how much you’ll pay for workers compensation insurance, but the biggest factor is if you’ve had any recent claims. Claims you’ve had this year will affect how much you pay in future premiums. The real question is how much will it affect it? Some factors we look at in helping you get a more accurate picture of your current and future workers compensation insurance plan are:
- The total money paid out in claims over the years
- How much loss you’ve had by cause and nature of injury
- What your expected vs actual loss ratio is
- Risk management policies you currently have in place
- Identification of areas you can improve to control future losses
- What your “Return to Work” program looks like
- How you compare to industry benchmarks

What does workers compensation insurance cover?
Workers compensation insurance covers any job-related hospital expenses, illness, injury, or death. But it also provides disability payments to your employees should they be unable to work. This typically equates to two-thirds of his or her regular salary.

How long will a workers compensation claim affect my premiums?
Most states calculate workers compensation premiums using a three-year span experience modification. If your company is large enough to have an experience modification, every claim will affect your mod factor and premium rates. David R Murray & Associates Inc will help you determine your E-Mod/X-Mod number and explain how this number works into figuring your premiums. We’ll also give you tips and practices to implement that can lower your number and premium.

Do I have to buy workers compensation insurance?
For most businesses, workers compensation is required by their state. However, there are a few exceptions to the rule, such as how many employees you have. In Wisconsin, if you have any employees, you must get workers compensation insurance.

Are all Workers Comp policies the same?
Workers Comp policies and their premiums are regulated by the Wisconsin Compensation Rating Bureau. Rates are the same regardless of where you purchase your policy. There is one difference you should consider. Some carriers will offer dividends following the successful completion of your workers comp audit, which will effectively reduce your workers comp premium.