WORKERS COMPENSATION OVERVIEW
Every contractor knows the price of their insurance is very much subjective to their loss experience. However, worker’s compensation insurance is usually influenced the most. Whether it be disagreeing with a carrier’s reserves, having a large deductible program, or spending time and energy anticipating your experience mod, workers compensation claims are what have a direct impact on your bottom line. DT Insurance Brokerage is a company that will work with your staff and your insurance carrier to ensure that your worker’s compensation claims are managed correctly. Our goal is to protect your interests properly, while ensuring that your injured employees will be receiving the appropriate benefits.
EXPERIENCE RATING MODIFIER
If you are a contractor your experience modification rating has become a crucial and focal point in your everyday operations. You are often measured by your mod factor as a way for people to assess your safety and improvise their risk management. Disregarding whether this is right or wrong, the experience modification has a direct impact on your worker’s compensation premium. It is becoming more common for an owner’s prequalification questionnaire to require a minimum standard for experience modifiers. Many owners require a mod equivalent to 1.00 or lower. Subsequently, the ability to bid on specific projects can be affected by this standard. Contractors who carry very good experience mods have found it beneficial to highlight their mod in marketing presentations. It is crucial to emphasize your mod rating if it’s a good one, and improve it if it’s a bad one. At DT we take it upon ourselves to help you manage this process and be successful with it.
ABILITY TO COVER COMPANIES IN NYC
Workers compensation can be a big expense when running a company. DT Insurance Brokerage has established connections with various private markets to help companies get insured by private carriers. The frustrations and stress that comes along with the being in the state fund are understood and recognized by us. These private carriers are normally cheaper, have better coverage, and have your company’s interests in mind. It is always better to be a client then to be a number.
Audit time puts a big stress on every company. It takes away our focus from being able to do what we are best at. Audits are very common with worker’s compensation policies and general liability policies. Checking payrolls or revenues of a customer or policy holder, to ensure that the policy reflects accurate rating information is extremely crucial. DT Insurance Brokerage has the personnel and specialists to assist you during audit time and ensure that it is a smooth and simple process.
DEMOLITION AND ABATEMENT
Workers compensation becomes an even more important focus during high-risk jobs. In the majority of the states, you’ll have to purchase this coverage for even a very small employee base. Workers compensation insurance keeps you safe should equipment glitches occur or something within the demolition project goes wrong and one of your employees suffers a costly injury. DT’s clientele includes some of the larger abatement and demolition contractors in New York. Getting coverage for workers compensation in these high-risk class codes can be difficult and grueling. With our knowledge of this industry, and our in-depth ties, we have successfully placed these risks with well-known carriers.
SAFETY GROUPS AND PROGRAMS
Safety groups are a big source of comfort when being a part of the state fund. A safety group is a workers’ compensation program that groups like-businesses together to reduce their costs, provide lower rates and deliver more personalized care. This spreads the risk from the individual policyholder to the group as a whole. With a safety group, each company gets their own insurance policy and experience modification factor based on their losses. The premiums of the entire group are combined, claims and expenses paid, reserves set aside for increases in ongoing claims and the rest is returned in the form of a dividend. Dissimilar to a trust, safety groups are fully insured and members can never be assessed for additional premiums beyond their earned premium for the given year. DT Insurance Brokerage has access to many of these groups and can help put your company in a far better place with the state fund.
DISABILITY INSURANCE FOR BUSINESS OWNERS
As a business owner, you want to know that if the unfortunate happens and you become disabled, your business is protected and can stay afloat while you are unable to work. The advantage of securing a business disability policy is that a personal disability insurance plan can protect you if you cannot work, but will likely not feature a large enough benefit to keep your business afloat as well.
For this reason DT has developed ties with many carriers to offer business disability insurance to help small business owners maintain their business in the event of sickness or disability.
This flexible insurance coverage can be customized to suit the needs of your budget and different types of policies can also be designed to work with many different situations and businesses. Whether you are a sole proprietor, a partner or a stockholder, there is a plan for you should the unthinkable happen. The goal is to ensure that you have peace of mind and that your business disability insurance will cover the bills and expenses, like employee salaries and rent. DT can help you get a tailored plan to meet your specific needs should something unfortunate ever happen to you.
Disability Insurance for Employees
In New York and New Jersey it is mandatory for all business owners to carry short term disability insurance for their employees. Short term disability insurance can be provided through the New York State Insurance Fund (NYSIF) or can be purchased through a private carrier. Going through a private carrier is definitely the optimal choice as the plans offer more for better rates. The state’s minimum coverage per employee is $170 a week, which essentially means NYSIF will compensate just that amount should an employee go on maternity leave, become ill, or suffer an injury. Obviously no one can live properly on such a low income. Most employers understand the benefit of improving morale and long-term productivity in the work place and therefore want more diverse plans so they can offer better coverage. It is understood that if business owners want to attract top talent and retain that talent they need to offer more than the state minimum to keep their employees content. DT will help you get a plan which fits your employees’ needs while also working with your finance team to keep a structured budget.