Call us Today
877-733-3813
- Home
- Personal Insurance
- Business Insurance
- Service Center
- About Us
- Contact Us
Federal Insurance Federation's Blog
Is there a more business-friendly workers compensation insurance policy?
1/26/2012 1:24:01 PM
Does your business in Frederick include workers compensation coverage among the Frederick business insurance products carried? You may be interested to learn about a new trend in workers compensation insurance that is gaining popularity with business owners throughout the United States.
Workers compensation insurance is mandatory for Maryland employers with one or more employees, but traditional workers compensation insurance places a financial and administrative burden on business owners. Purchasing traditional workers compensation insurance involves the payment of several months of premiums in advance. Premium rates are assessed on the basis of a business owner’s estimate of annual payroll, and annual audits are carried out to ensure that state workers compensation regulations have not been breached.
Upfront payment of insurance premiums can create cash flow disturbances, and for many businesses in a volatile economic climate, an accurate forecast of annual payroll is likely to be difficult to achieve. Being audited for compliance, and facing fines if forecasts have been inaccurate, compound the difficulties of traditional workers compensation insurance.
Many business owners have benefited by switching from regular workers compensation insurance policies to pay as you go policies that do not involve forecasting payroll, pre-paying insurance premiums, or undergoing annual audits. Ask your Frederick business insurance provider about your eligibility for this alternative insurance product.
*
Workers compensation insurance is mandatory for Maryland employers with one or more employees, but traditional workers compensation insurance places a financial and administrative burden on business owners. Purchasing traditional workers compensation insurance involves the payment of several months of premiums in advance. Premium rates are assessed on the basis of a business owner’s estimate of annual payroll, and annual audits are carried out to ensure that state workers compensation regulations have not been breached.
Upfront payment of insurance premiums can create cash flow disturbances, and for many businesses in a volatile economic climate, an accurate forecast of annual payroll is likely to be difficult to achieve. Being audited for compliance, and facing fines if forecasts have been inaccurate, compound the difficulties of traditional workers compensation insurance.
Many business owners have benefited by switching from regular workers compensation insurance policies to pay as you go policies that do not involve forecasting payroll, pre-paying insurance premiums, or undergoing annual audits. Ask your Frederick business insurance provider about your eligibility for this alternative insurance product.
*
