Save Money On Workers Compensation Insurance

Yes, you can save money on Workers Compensation Insurance.  Sometimes a lot of money.  Workers Compensation Insurance rates are based on the type of work you do and how much payroll there is for that work.

The operation (work performed) class codes are the same with all insurance companies. However, the rates for each of these work classifications can be different, sometimes significantly different. 

Not only is the pricing of the insurance company important, but possibly more important to your workers compensation policy is the representative that you work with. A good business insurance agent will be able to examine your business and determine if you can qualify for additional credits (discounts) on your policy.   These discounts can be determined by the number of years you’ve been in business, number of claims you have had, employee history and safety protocols in place for your business. Determining the number of credits that is a major factor in you qualifying for the best available workers compensation insurance pricing.

You also may qualify for what’s called an experience modification factor.  I will often see that this credit to your policy is not applied. Not every workers compensation policy will qualify for an experience modification factor. This is a rating determined by the state of Minnesota based on prior cost of injuries in your business. Your Business will typically need to be in business for 3 years and an insurance premium of $5000 or more to qualify for this modification factor. If you have been in business for 5 year and have no claims, there is a good chance that your business qualifies for a discount of over 10% from this modification factor. I will be making a post about the entire mod factor if you would like to learn more.

Our Insurance Agency works with the Best Business Insurance Companies and the best Workers Compensation Insurance in the market.   For more information or a quote on your Minnesota Work Comp Insurance, contact us on the short contact form below or call/text to (763)767-0522.

Please complete the form below for a quote.

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Ameriguard Insurance Agency is here and ready to make the process as painless as possible. We look forward to meeting you!

Call Email Claims Payments