The market for workers’ comp insurance remains “soft,” which means that rates and premiums are declining and companies are eager to write your policy. This is great news for employers. It means the time is right to bid out your workers’ comp policy for 2023, especially if you have not seen your rates decline in the past couple of years. Most workers’ comp policies renew Jan. 1, so now is a great time to get quotes.
Workers’ comp premiums are based on total payroll by job category for the practice’s employees. Different job categories have different rates. In addition, the practice’s claim history is a factor.
The MDA-endorsed workers’ comp carrier is Frankenmuth Insurance, which has lowered rates for MDA members for the last six years. Due to the protection workers’ comp generally affords employers against legal action from injured employees, the cost of the workers’ comp premium represents a solid value. Because all workers’ comp policies are the same, the distinguishing features to consider are the premium cost and the service you receive from your insurance agent, as well as the service you receive from the insurer should a claim arise.
Now is the time to contact MDA Insurance at 800-860-2272 and ask for the commercial lines department to start the quote process. Or visit mdaprograms.com/buy-now/ and click on workers’ comp to submit a quote request online.