Workers Compensation Is Required By Maine State Law
Workers compensation insurance is essential in making sure your employees are taken care of properly should they be injured at work. It also provides protection to the employer for their liability arising out of these injuries. However, just because workers compensation is such an important part of your business, it doesn’t mean you should be overpaying for it.
At F.A. Peabody, we work with our insureds to help them keep the cost of their workers compensation down. Some of the ways we do this include:
- We have multiple companies that will write workers compensation – While some agencies may only have one company to write workers compensation with, F.A. Peabody has several. This gives us the opportunity to shop around for our customers and find the company that fits them best.
- Class code review – Our agents check the class codes (which determines your rate) to see if there might be a more appropriate, and less expensive, class code that would more accurately describe your operations.
- Experience modification review – If your policy is large enough to have an experience modification, our agents have the tools to determine if it has been calculated correctly. If an error has been made to your detriment, we can help you get it corrected.
- Loss prevention – Our agents can help you create a safer workplace by providing you with safety manuals, coordinating loss control visits from insurance carriers, and providing education materials on how to work safer. If a loss should occur, we can provide you with ways to help mitigate the claim so that it has the least impact on your future costs as possible.
Our agency offers workers compensation options like:
Flexible payment plans – In addition to the typical pay plans of monthly and quarter, some of our carriers offer insureds the flexibility of paying their workers compensation premiums when they process their payroll. The benefit to the insured is that your premium is more reflective of your true payroll exposure, and there should be no “surprises” at your audit. Another option available is a seasonal pay plan where you can pay all of your premiums during your busy season, and have no payments due during your slow time.
Employment Practices Liability Insurance (EPLI) – Some carriers offer EPLI coverage to be endorsed on the workers compensation policy, which provides a very cost-effective way to protect yourself from claims by employees/former employees of discrimination, wrongful termination, harassment, failure to promote, and more. Various limits, options, and deductibles are available.
If you have questions about your workers comp coverage, feel free to stop by one of our eight Maine offices. For a free quote, fill out our web form and we’ll get back to you as soon as possible.