When you are looking for workers compensation coverage for your small business, it is important to know the facts about your rates. The rates will vary based on a few key factors, which can help you find the right coverage for your budget.
Rates Are Increasing
You can see rate increases by 10 to 40 percent throughout 2013 because the number of claims are starting to increase. Even if you are in good standing, you should expect some increases to your rates.
Base Rates Are the Foundation
A base rate is the foundation of the amount you pay. The companies can apply discounts and surcharges that change the rate based on your company data.
Rates Vary to Protect the Insurer
Insurance companies cannot give discounts without a reason to avoid discrimination charges. A broker must explain the safety features you follow to get the lowest rates.
Brokers Play a Significant Role
The broker is ultimately a key individual in getting the best rates. If your broker does not explain how you can improve or get discounts, then you are not likely to see a lower rate.
Getting workers compensation at a reasonable price requires a knowledgeable broker. To learn more about getting covered in the Lafayette area, contact Risk Concepts Insurance Brokers.