Over the past decade, companies in many industries have begun working harder to implement safer work practices and more protected environments for their employees. These improvements have resulted in a decline in workplace injuries, which in turn reduced the number of worker’s compensation claims. Hopefully, this trend will continue as more workplaces become safer for employees, but it creates a problem for the business itself. With a reduced risk of workers compensation claims, many businesses find themselves spending far more than they need to for insurance in this area.
A Solution to Overpriced Workers Comp Insurance
To solve the problem of paying too much, captive market workers comp insurance might be the right choice. The best candidates for these insurance options are large risk groups. According to the insurance professionals at Monarch Partners Group, this type of policy not only benefits the company but also serves the workers better than a policy with excessive premiums.
Captive market insurance avoids traditional insurance market cycles and it provides more flexibility and control for the business owners. Tax savings are an additional benefit of captive market insurance. Some groups may offer a separate cell system that will allow you to continue operating with your own capital structure and avoid the economic impacts of other companies’ risk results. With reduced insurance premiums and quality protection, you and your workers can focus on producing your best work.