Category Archives: Worker’s Compensation

New Jersey large account Workers’ Compensation

Options for Large Account Workers’ Compensation in New Jersey

All businesses must carry insurance coverage in case an employee is injured or sickened on the job. Larger companies often struggle to meet this requirement while keeping costs under control. Fortunately, insurance companies can help. There are options for New Jersey large account Workers’ Compensation plans that provide the needed coverage with flexible financial arrangements.

One option is a retrospective rating plan in which the final cost of the plan is finalized after it expires. Corporations with predictable losses benefit from lower costs under this plan, as the final premium is determined by the actual losses incurred during the coverage period.

Guaranteed cost plans help businesses looking for a more traditional insurance plan. The premium for these plans is set at the start of the policy and adjusts upon expiration. Insurers determine cost by multiplying the predetermined rate by the client’s payroll.

Another option for New Jersey large account Workers’ Compensation is the large-deductible plan. These plans are a form of self-insurance in which the insured establishes a payment account to cover losses, and the insurance covers the balance over the deductible. These plans require less paperwork than traditional self-insurance; however, the insured must offer collateral for the difference between predicted and actual losses.

The appropriateness of these options depends on the size and coverage requirements of the insured. An experienced insurer can help your business choose the Workers’ Compensation plan to meet its needs.

drywall workers comp

Four Workers Comp Tips for Drywall Workers

If you are a small business owner that offers construction or artisan services, you are probably constantly looking for ways to keep your workers compensation rates low. Fortunately, there are some things you can do to keep your drywall workers comp rates in the reasonable range. Here are some suggestions.

Train

With drywall work, it can be tempting to think that your workers know what they are doing without any training. You can, though, give your crew tips for ensuring a safe workplace. These can range from ergonomic bending techniques to general workplace safety trainings.

Promote Safety

As a small business owner, you can do many things to promote the safety of the jobsite. Removing slipping and tripping hazards, promoting ergonomic movements, and supplying the right equipment are all great ways to promote safety at the jobsite.

Require Equipment

Many drywall technicians have a method for doing their job that may or may not use the appropriate equipment. Your job is to require your crew to wear appropriate safety gear and use proper tools. Protective gear can only do its job if your crew wears it.

Talk

Make sure you keep an open line of communication between you and your workers, so that you can do what you can to promote a safe work environment.

By following a few simple suggestions, any small business owner can keep drywall workers comp insurance rates in check.