For a business owner, finding the right workers comp provider can mean the difference in thousands or even hundreds of thousands of dollars. However, there are many different "cost drivers" to workers comp. An obvious one is how well the assests of the carrier are managed. That affects rates and discounts that play into the cost of workers comp premium.
Recently, I read this quote regarding an investigation into one of the largest work comp providers in the west, known to charge exorbitant rates: "The report paints a picture of an obscure rogue operation with more than $22 billion in assets, little oversight, minimal public checks and balances, and indiscriminate spending with little attention until recently from top state officials such as the governor and the insurance commissioner." With findings like this, would you trust your workers comp coverage to this company?
To read the entire article…and to discover who this company is, click here. But here is the point: as a business owner, you would be well served to thoroughly check out a prospective carrier before placing coverage with them. Or better yet, outsource your HR functions to a PEO who employs experts to manage workers comp, taxes, medical insurance plans, etc. for you! Why hang on to that headache!