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Workers Comp Cost Savings Information! Is your Workers Compensation rates going through the roof? Do you want to know why? Well, it may not come as a surprise that the Work Comp rates have increased dramatically in Iowa! The NCCI (National Council on Compensation Insurance) filed an +8.6% overall average rate increase for workman’s compensation insurance in Iowa, that was approved by the Iowa Insurance Commissioner. In the food industry, the rate for the Supermarket Classification-8033 went from $1.16 to $1.57 per $100 of applicable payroll, a huge 35.3% increase! The rate for Convenient Store Classification-8006 went from $1.59 to $1.69, an 8.3% increase. What a headache, right! Why the big Work Comp Increase? Investment income is down and insurance losses are up. For the past several years, insurance companies “low-balled” insurance premiums, because they wanted the money, which they could get big returns in the stock market during the sock run-up in the 1990’s. Investment returns are low or non-existent, insurance carriers must make sure their premiums can support the payment of losses. This means in response to those trends the insurance market capacity is starting to reduce. Most Work comp Insurance providers are not renewing unprofitable business. There are some Work Comp Providers withdrawing from the markets completely. This could make it difficult for some retailers to obtain coverage. What does all this mean to you? What should you know or do? Cut your workers' compensation costs down to size. With the rate increases as such, one way to look at cutting your premium costs is to request quotes from Work Comp Insurance providers and compare rates. In most cases you can cut your workers' compensation rates down to size when you join a group rating program like the endorsed plan offered through the IGIA, underwritten by Farm Bureau Insurance Company. How does Group Rating work? The group rating option allows employers with good safety and claims records to pool together to enjoy discounted workers' compensation premiums. There's no cost to receive a quote! How much would you save? Some group rating insurance companies promise savings that turn out to be just wishful thinking. We don't make promises we can't keep. We promise the most accurate group rating savings estimates in the business. Many IGIA members are benefiting from the combined buying power of Association members and are currently receiving deviation rates up to 10 points at this time! What other benefits does Group Rating offer? When you join our group rating program, you not only can save money, you will have Farm Bureau’s workers' compensation experts to reduce the burden of workers' compensation issues. That lets you focus on running your business. Personalized, detail-oriented service is their specialty. If an accident occurs, they will help file and manage the claim and attend hearings on your behalf. And if you never have a claim, they work behind the scenes to ensure you don't pay too much for workers' compensation. How do I get the free estimate? For a free, no-obligation group rating savings estimate, contact the Iowa Grocery Industry Association today! You deserve an IGIA Member Cost savings break! Call now! In Iowa 800-383-3663 or 515-270-2628 |
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