FAQ

We have a staffing company that has payroll of around $1M and we are paying a premium of about $135,000 per year for our workers compensation for our staffing workers.  Can you help us with our rate since we are in the Assigned Risk Work Comp Pool?

We can approach several of our insurance carriers and most likely get your out of the Assigned Risk Pool.  Once you grow your company to where you are paying $500,000 per year in work comp premium, then we can talk about a large deductible program and a much lower rate using one of our Captive Insurance Concepts that we have helped our other clients with.  Call us at 205-221-5466 to discuss solutions.

Answer:

  Client list: Sign Company; Auto Repair Shop' Speech Pathologist: Group Satellite company; Demolition Company; Set up Captive Insurance Company for a Welding Staffing Company; School System; Concrete Mfg'Excavating Company; Grocery Store Chain; Real Estate Client Office; Furniture Company;   Landscape Contractor ; Hotel; Smelting Plant; Auto Dealer Glass Company; HVAC Company; Auto Parts Mfg;  Trucking Company; Nursing Home Conglomerate; Scaffolding Company; Manufacturer; General Contractor;  Metal Fabricator ;Contractor; Bus Company;  Real Estate Development;  Maintenance Company; Private School; Modular Home Manufacturer; Plumbing Company;  and Electronics Manufacturer.     

 Our job is to keep your work comp cost the lowest possible.

Question: 

How can our company get our Experience Mod Factor down?  Right now we have a modification factor of 1.20.  Does this mean we are paying more than we should be paying or could be paying?

Answer:

A modification factor of 1.20 means that you are paying more than 20% more than "average."   Your minimum experience modification factor could be as low as .70 which means that you could be paying as much as 50% more than you could be paying if you had the minimum modification factor.  Our risk management company specializes in workers compensation and especially workers compensation for staffing agencies.  We have a unique system to get your factor down.  We audit your audit.  We look for open claims and work to get them closed.  We check your class codes to make sure that you are in the correct class code.  We note any claims over $10,000 and track down the loss data to learn more about these types of claims.  We analyze your loss runs looking for the paid and reserved amounts for Medical costs paid and for any indemnity charges paid.