When choosing your Delaware workers compensation plan, you have different options depending on the size of your business and the number of employees within your organization. Here are three popular workers compensation options for businesses.
Guaranteed Rate Plans
This type of plan is one of the more commonly known insurance plans. The premium is determined at the start of the policy period and doesn’t change. The premium is calculated using the number of employees and can be adjusted once it expires
Greater Deductible Plans
To lower the cost over time, some organizations choose a plan with a greater deductible. If a Delaware workers compensation claim is filed, a business may have to put up more money than it would with one of the guaranteed rate plans. Without a claim submission, however, this plan may save money.
A retrospective plan’s rate is determined by analyzing a company’s payroll size and losses from previous years. Based on the loss prediction, the rate fluctuates. For companies that have lower instances of claims, this may be a best bet.
Even though your business doesn’t have a choice regarding whether or not you want to include workers compensation insurance, you do have a choice when it comes to your plan type and your investment into it. Investigating the plan that fits your needs can help you lower the cost of this important coverage.