It can be expensive to provide workers’ compensation for your business. Insurance companies recognize that businesses want different solutions to find the best coverage for their company while staying within the law. The face of Maryland large account workers’ compensation is developing new methods to find ways for you to meet your obligations while saving money.
- Retrospective rating plans are one option that could fit into your business goals. With this plan, the final premium is based on the actual losses of the policyholder. When you have a good risk management plan and premiums ranging between $150,000 and $500,000, you should look into this type of policy.
- Large deductible plans are a type of plan for businesses paying more than $500,000 in premiums. With this plan, your business self-insures itself through a letter of credit, typically, to cover the first portion of your loss. The insurer then picks up any amount over the deductible.
- Under a guaranteed cost plan, the premium is established at the beginning of the policy and not adjusted based on loss. At the termination of the policy, it is audited for actual payroll versus what you originally estimated.
Look for advancements in Maryland large account workers’ compensation plans to find better options for your business.
