Workers Compensation Deductible Plan

Car Insurance and home insurance deductibles are very common. Most Workers Compensation policyholders are not aware that there is a deductible option for Work Comp insurance. The Insurance Deductible is the amount that you pay first before the insurance company pays out for the remainder of an insurance claim.  The Workers Compensation Deductible is somewhat uncommon, but if can be very helpful.

Small Deductible Workers Compensation Plans range from $100 to $10,000 or more, depending a state’s particular laws.   A deductible plan might apply to medical benefits or compensation for an injured worker or both depending on the laws of the state.  

Work Comp Insurance Deductible

A deductible plan can be a huge benefit to the Business for a few reasons. 1) It can save you some money on your work comp insurance. 2) By paying for small claims, it can significantly help the potential impact of the employers experience modification. This is the potential huge benefit and large savings on your work comp insurance premiums. By keeping small claims off of your policy, it can help your rating, which long term can save you thousands of dollars.

How does it work? If an employee gets injured on the job and has to go to the doctor, they might incur a doctors office visit expense. By paying for this expense, the claim will stay off of your work comp insurance policy. Instead of having a claim, you have no claim and no adverse affect on your insurance policy.

What is an Experience Modification Factor

The Experience Modification factor is a credit or debit to your workers comp policy based on claim history. If your company has had a number of work comp claims, than you may be surcharged (charged more) for your Workers Compensation policy.  If you have had very few claims on your Workers Comp policy, than you may receive a nice discount on your insurance policy.  

Contact us at anytime for more information on your Minnesota Workers Comp policy. Call or Text (763)767-0522. Email or fill out the short contact form listed below.

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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!

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