Professional Help with Your Workers Compensation Plan in Minnesota
One of the biggest concerns with Minnesota businesses today is operating costs, and workers compensation premiums can be a major expense. However, many companies adopt the strategy of accepting bids for their insurance and ultimately go with the lowest price. This can be a huge mistake for a number of reasons. Let's take the case of fictional company ABC to demonstrate.
Company ABC was a medium sized electronics manufacturing company with a growing base of customers and recently they expanded into other parts of the Midwest. The President, David G, was very concerned about costs and tried his best to run a lean company. In fact, he had many measures in place to ensure high quality and recently made major changes which greatly increased profits for the previous quarter.
To maintain efficiency, he decided to use the lowest workman's comp premiums possible. To David, this seemed like the most efficient strategy at the time. However, David made the same mistakes many businesses owners make by assuming the lowest premiums was the most important factor. He failed to realize that he had two employees currently off work and they were preparing lawsuits against the company. This resulted in a lot of unnecessary legal costs, which could have been avoided if his HR director had handled matters differently.
After reaching a settlement with the employees, David met a man at a local donut shop, and they talked about workers comp issues. The man was a CWCA (Certified Work Comp Advisor) and showed David all the benefits his program had to offer. David decided to try it and within six months, lost time accidents had dropped off substantially because he now had the benefits of professional help. Let's talk about workman compensation, what it is and the benefits you can receive from a CWCA at Insurance Brokers of MN.
What is Workers Compensation?
Workman compensation is insurance to compensate employees for time off, due to an on the job injury or job related illness or injury. This insurance is mandatory. The coverage allows for medical care, reimbursement for lost wages, and death benefits.
Who Need's Workers Compensation Insurance?
Any business with employees must purchase this coverage or self-insure. This is the law. Even if you only employee one person part-time, you must provide this insurance coverage. Failure to comply can result in major penalties. At Insurance Brokers of MN, Inc. we are licensed to write worker compensation in many states including Minnesota and surrounding states like: Wisconsin, Iowa, South Dakota, North Dakota.
Standard Coverage for Workers Comp
Coverage includes hospital and medical bills. It also makes disability payments and may cover expenses like rehabilitation and job training. Death benefits are also provided.
- Legal fee limits can be raised
- Illness and injury coverage may be expanded to include more things
- Higher death and funeral expenses
- Lost wages payments can be increased
- You can choose a CWCA
What is a CWCA?
A certified work comp advisor provides a number of important services to employers. For instance:
Review and audit your work comp experience modification factor
- Examine your insurance policy for problems or errors
- Find return refunds you may not know about
- Review claims history
- Establish an injury management system
- Work with employees to establish safer practices
- Audit review and preparation
- Workman's comp premium cutting strategies
- Train HR staff on how to recognize potential problem employees during the hiring process
- Establish an efficient method for getting employees back to work quickly
- Because Workers' Comp is so complicated and confusing, employers are left to assume that their premium audit reports are accurate and their Experience Modification Factors are correct. However, because of mistakes rampant in the Workers' Compensation system, at least 50% of businesses are overcharged for their Workers' Comp insurance.
- To help employers solve the problem, Our agents at Insurance Brokers of MN have been trained and tested by The Institute of Work Comp Professionals and certifies selected insurance agents like Insurance Brokers of MN. to help employers. Completing a rigorous workers' compensation training program, the Certified Work Comp Advisor (CWCA) knows how to find errors and overcharges rampant in Workers' Compensation accounts that result in immediate cost-savings for employers.
- That's just the beginning. CWCAs commitment to on-going workers' compensation education means that they know the practical, proven processes that reduce Workers' Comp expenses over the long-term, making employers more competitive. Over the past thirteen years, CWCAs have saved businesses millions of dollars in unnecessary Workers' Compensation expenses.
- It's the Institute's Process that delivers measurable, long-lasting, cost-saving results for employers
Finding the Right Source for Your Insurance Needs
If you need business insurance and workers comp coverage, you can depend on Insurance Brokers of Minnesota. When you do business with an independent agent you have the benefits of years of insurance experience and many different insurance companies in which to choose.
We belong to the Institute of Work Comp Institute Professionals and many of our agents are certified work comp advisors. So, in addition to the best rates on your coverage you receive an enormous amount of professional help with your entire workman compensation program. This can help you lower your lost time accidents and greatly increase overall efficiency.
It's very quick and easy to fill out the form on this page and receive a free quote on your insurance.
You may also find an agent near you on our site or call toll free 1-877-323-3314 or 763-323-3000 our corporate office.
Agents located in: Anoka, Ada, Austin, Bemidji, Blaine, Brandon, Brooklyn Center, Buffalo,
Byron, Cambridge, Cannon Falls, Dawson, Duluth, Forest Lake, Graceville, Grand Forks, Ham Lake, Hermantown, Hibbing, Inver Grove Heights, Isanti, Jordan, Lino Lakes, Little Falls, Maple Plain, Pequot Lakes, Richfield, Roseville, St Cloud, Stillwater, Thief River Falls, Waconia