Most states require you to carry workers compensation coverage. If you need North Carolina workers compensation, it is important to understand what factors influence the cost of your policy.
If you are purchasing workers compensation for the first time, your policy price will reflect the average claims for your specific industry. Typically, insurers use a period of time to predict future losses. This prediction will help them understand how much to charge you for your policy. Certain industries are more prone to workplace injuries including construction, agriculture, and mining. Therefore, these policies are likely to be more expensive.
After a few years of operation, you may receive an experience rating. This rating will adjust your premium higher or lower than the industry average. Your rating is usually influenced by your loss history. Companies with little to no losses will usually pay less for their workers compensation policies.
If North Carolina workers compensation is expensive, it may be smart to engage in a risk management program. This will help you identify potential threats and hazards on the job, so you can decrease the likelihood of injury.
For help choosing the right policy for your needs, contact an insurance agent. With this policy, you are not only protecting your employees, but also protecting your business.