Edge Consulting has designed a competitive pricing model to offer lower Worker's Comp Insurance Costs to builders, developers and subcontractors. There is no charge to Edge Consulting and all you pay fortunately, is a lower premium. ATLANTA to be test market this March 2010. Later, NC, SC, Tenn, Georgia.
Edge Consulting, a broad source real estate consulting firm, has been working with a Dun and Bradstreet data company to develop a program that identifies the top 15-20 companies that provide the lowest policy costs for builders, developers and subcontractors. By reviewing a nominal amount of information from interested employers, savings can be over 60%, general savings approximate 20- 30%.
THERE ARE SOME COMMON MYTHS SURROUNDING WORKER'S COMP RATES YOU MAY WISH TO KNOW.
Myth 1: By law, all Worker's Compensation policy prices are set by the state. "Does this mean I would pay the same price regardless of the insurance company?"
FALSE: Even though coverage, by law, is identical from each insurance carrier and rates are approved by the insurance commissioner, there are over 150 insurance companies that offer coverage, many with different pricing plans. With EDGE CONSULTING'S comparative software data base we can help you find the lowest priced carrier, at no cost to you!
Myth 2: But doesn't my insurance agent know where to find the lowest prices?
FALSE: While well intentioned, most insurance agents represent only 4-5 different insurance carriers. Moreover, they may not represent those companies that specialize in your business; some agencies may not specialize in Worker's Comp. Even if they wanted to, the agency may not be able to get bids from the affordable companies since they may not have a permanent relationship. Finally, insurance agents are paid a commission by their carriers leaving little incentive to lower your costs. EDGE CONSULTING will guide you to those carriers and agents that specialize in Worker's Comp.
SOME IMPORTANT FACTS ABOUT WORKER'S COMP YOU SHOULD BE AWARE OF. Before you renew a Worker's Comp. policy, please read this!
Are ALL Worker's Comp policies the same? - This is TRUE so you should not pay more than anyone else. Many employers don't realize that all Worker's Comp policies follow the same state regulated format. The state requires all insurance companies to use the same policy form! While the policy and format are standardized prices may vary dramatically from carrier to carrier.
Are there price variations among the top 100+ insurance companies? -This is also TRUE. If you are currently insured by an insurance company that has above average rates EDGE CONSULTING will find an insurance agency that specializes in carriers that have affordably priced Worker's Comp policies. These companies specialize in this type of coverage and take pride in offering a competitively priced product. Having coverage with an expert is such a simple concept. Experts know how to prevent or minimize losses, thus they can be more competitive with their prices. EDGE CONSULTING provides a network of agencies that specialize in your type of business. Don't be just another insured employer. Be covered by a company that actually appreciates your business.
Class Codes are a prime determining factor in calculating your premium. TRUE.
Our agents know that slight changes in a worker's responsibility and duties can sometimes help you reclassify yourself into more economical classification. This may help you lower your rating structure. Also, while overall Worker's Comp rates may not change every year, the prices among the different classes often do change. Are you paying at an older, higher rate?
Experience Ratings have a direct correlation to your premium costs. TRUE.
If your annual WC premium is over $5,000 then your business should be experience rated. An experience rating or also know as your "experience modifier" does vary among individual companies. The higher this rating the higher your premium. Think of your experience rating as a company report card. It is based upon the number of accidents you have had over the previous three years, and their cost to the carrier, compared to other similar types of businesses. The experience rating should be adjusted every year and it should be your goal to get this experience modifier at a number below 1.00. Occasionally carriers do not always share their little secrets with their clients. For instance, insurance companies set "reserves" to pay claims and don't often update the file when payment is made and your file is closed. Your experience rating could be left at the higher level! Having an expert in Worker's Comp to evaluate these situations can save you money. EDGE will provide you with companies that do share their cost saving methods.
Do premium audits actually save you money?TRUE.
After the expiration of your policy the insurance company may audit your payroll. Often they audit companies when they are reasonably certain that you will owe them money. We can recommend companies that hire private audit firms that may be able to get you a refund of a previously paid premium. They will conduct an audit for free. They are paid only if you get money back!
Edge Consulting is happy to offer "Clear and Concise" solutions when comparing your Worker's Comp insurance thereby saving you money in the process. We ask nothing of you but a little information to allow us to contact our network of low cost agencies in compiling your quote. Please read below. Thank you.
Employers, you are 1 click away from taking steps to save your company money on affordable Worker's Comp insurance.
Company Name* ____________________________
Your Name*________________________________
Title: ___________________________________
Address* _________________________________
City* ____________________________________
State* Zip* __________________
Phone* ext. __________________
Number of Employees* __________
Projected/estimated annual payroll $_________________
e-mail* _________________________________
Main Business Type(ie: builder,developer, plumber, electrician etc.)____________________________________________________________________
Specific Class (ie: residental, commercial, industrial)____________________________
Brief description of what you do: _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________________________________________________________________
YOU MAY DOWNLOAD THIS APPLICATION FROM YOUR COMPUTER AND FILL IN THE APPROPRIATE CATEGORIES. RETURN VIA E-MAIL OR FAX TO STEVE GRAVETT.
Return this completed application to us for a free quotation.
Thank you,
The Edge Team
CLEAR VISION, CLEAR STRATEGY
e-mail to Steve Gravett: steve@theedgeconsultants.com
FAX to Steve Gravett: 561-278-7154
Wednesday, January 6, 2010
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