Workers Compensation

NJ WorkCompSolutions is a division of Hanlon Insurance Agency, LLC. It was designed to provide creative solutions to your work comp problems.

Does this scenario sound familiar?

When it’s time to renew your company’s workers compensation policy, you may be approaching your purchase decision just like you would buy auto insurance, health insurance, or most any other kind of insurance.

If you’re happy with your current policy, you may not do any shopping at all. You may simply call your agent  and see what the bill will be for the coming year.

But if your workers comp insurance bill is giving you any pain in your pocketbook, then maybe you wonder if you could save a little money by switching insurance agents or providers. Maybe you make a few calls and see who comes back with the lowest bid. Because shopping for workers comp insurance is like shopping for any other insurance, right?

Wrong.

It’s not about the low bid.

In most states, most companies go through a process called experience rating. Experience rating is a mathematical analysis of a company’s payroll and losses which results in a number called the experience modification factor, also known as "the mod" or “ex-mod.”

The higher your mod, the more premiums you pay.

The lower your mod, the less premiums you pay.

Many employers realize that the mod affects their premiums in some way. But many don't realize what they can do to lower their mod and their insurance costs!

Workers compensation insurance isn’t about the low bid. It is about protecting your company and workers at the lowest possible total cost. Because that total cost involves both dollars and productivity, workers comp is ultimately about your company’s competitive advantage.

No one solution is right for everyone. That's why we have created NJ WorkCompSolutions, your Work Comp Resource Center.

For more information click on our separate website here:

www.njworkcompsolutions.com