Taking a Closer Look at a Retrospective Rating Plan

Workers’ compensation coverage is one of the most important aspects of putting together comprehensive insurance for your business. Naturally, a standard workers’ comp plan might not be enough to cover all of the different risks that are involved in various fields. For some, retrospective rating can make for a perfect addition to an existing compensation plan. Take a look at these details and learn more about how you can best protect your workers and your assets. 

Review the Details

There are several key components involved in putting together a sensible retrospective rating plan. For one, you need to think about the standard premium that is associated with your plan. You will find this by taking the audited payroll and additional premium payments and multiplying them by the rate per class. You should also take time to look into the basic premium attached to the insurance, which will be determined by the insurer after the standard premium has been established. Other points to consider can include: 

  • Coverage associated with loss control
  • General administration expenses
  • Fees related to coverage

Find the Right Fit

The more you know about your options with workers’ comp, the easier it is to protect those who are in your employ. Take time to review the basics and learn all there is to know about finding the best possible policy.