Saving Money on Workers Comp for Jewelry Stores

Saving Money on Workers Comp for Jewelry Stores

Like with any business, Jewelry Stores often have employees that need to be covered with Workers Comp. There are several ways to save money on your Jewelry Store’s Workers Comp. In this blog we will explain some of the best things you can do to save money on your Workers Comp.

Saving Money on Workers Comp for Jewelry Stores – Shopping Your Workers Comp

One of the most effective ways of saving money on your Jewelry Store’s Workers Comp is shopping your policy. Every year Workers Comp rates change as well as carrier appetites. With that said, you should be working with a Broker to shop your policy every year. This may seem tedious, but if you have a good Broker, shopping your policy annually should be a breeze. In addition, make sure you give your Broker ample time shop your policy prior to renewal. This will give yourself, and your broker ample time to work with the carriers to obtain the best pricing possible.

Saving Money on Workers Comp for Jewelry Stores – Safety Procedures

Another effective way of saving money on Workers Comp is by limiting the size and scope of claims. There are several ways to do this, including monthly safety meetings, posting safety rules, or implementing a return to light duty program. If you are unsure how to properly train your employees, you can obtain safety related reading materials from your Workers Comp carrier. Most Workers Comp carriers have tons of resources available to their clients.

Saving Money on Workers Comp for Jewelry Stores – Pick a Broker

Picking a single broker to work with can be another effective way of saving money on your Jewelry Store’s Workers Comp. When shopping for Workers Comp, many business owners reach out to several brokers in an attempt to get as many quotes as possible. While this may seem like a good idea, it can often hinder your primary broker from obtaining the best quotes possible. This is because only one broker can access a carrier at a time, the first submission is the Broker of Record. Picking a single broker to work with will assure that this broker gets priority access to these carriers and this can make it easier for them to
request credits.

If you would like to learn more about Saving Money on Workers Comp for your Jewelry Store, give us a call!

You can reach our Workers Comp specialist at 925-297-4829.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

If You Are Serious About Saving Money While Building A Long Term Business Relationship Please Request A Quote And We Will Be In Touch With Your Shortly!