Workers’ Compensation Insurance
Workers’ Compensation is required in New York and New Jersey but finding the right solution for each client requires experience. Baldon Group assists businesses with their Workers’ Compensation needs to protect employees injured on the job. Coverage provides medical benefits, wage-replacement benefits, and death benefits for spouses or other family members.
Depending on the size and risk profile of the company, there are several options from which to choose. This includes guaranteed plans (first-dollar coverage), deductible programs, self-insurance, or captive solutions. Our knowledgeable staff will assess your operation and recommend the best solution for you.
There are also pay-as-you-go plans available to eliminate upfront costs and improve cash flow. Premium payments are based on actual payroll rather than projected annual payroll, which can help protect you from an audit exposure because your premium is based on real-time payroll wages rather than an estimate.
Keeping Workers’ Compensation Costs Under Control
Workers’ Compensation costs are determined by several factors, including payroll, employee classification, your firm’s loss history as compared to similar firms in your industry, and the frequency and severity of losses, as well as other factors. Along with our insurance company partners, we can assist you in establishing an accident investigation program, safety training programs, OSHA inspection planning, and other services to help reduce on-the-job accidents and injuries and return employees to work as soon as possible. We will also work with you to identify red flags for fraudulent claims.
Our staff will review your current Workers’ Compensation policy, your experience modification worksheet, payroll audits, and loss-sensitive rating adjustments to identify any issues or miscalculations that may have impacted your premium.
