Workers Comp

Workers Comp in Oklahoma is a constant work in progress program.  Politicians are constantly trying to remake or change the wheel to endear themselves to their electorate.  The sole purpose of change is to better the program or so they would have us to believe.  The reality is to take care of the injured employee as quickly and efficiently as possible with fewer dollars out layed.  This logic to me, is an euphemism (doesn’t compute).  If I were injured, I would want the best doctors, institutions, technology, equipment and support personnel available to care for my injuries.  The only way you’re going to get these services is to have money available for them.  I don’t know about you but I haven’t seen any costs go down for the above services.  So, in this world, you have to pay to play.

There are several variables that will affect the costs of your workers comp:

1.  What type of work are you performing?

2.  Are you doing various other duties in conjunction with the main work?

3.  How long have you been doing this type of work?  Not only as this business but total years experience?

4.  Have you had any claims while doing this type of work?  If so, how much was paid out?

5.  Do you have a lot of claims? Same type of injuries over and over?

6.  Have you paid over $5,000 a year for workers comp?  If so, how many years have you paid this?

7.  Do you use sub contractors?  If so, do they provide their own workers comp coverage?

8.  How often do you change workers comp insurance providers?

These are but a few of the variables that will increase or decrease your costs.  You should be aware that credit scores will be run and that your entire workers comp history is available for all insurance companies to see at the push of a button in a matter of seconds.

Also, note that any gaps in coverage are a big NO NO and are seen with the same push of a button.  So, keep your workers comp coverage in force.  You may think you’re saving money by going without during down times but you’re not.  Whatever credits you had will be gone the next time you need to provide a workers comp certificate not to mention many companies won’t want to cover you because of the gaps.  At this point, you have backed yourself into a corner with only the sharks wanting to provide you coverage at the highest rate available.

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