Workers Compensation insurance in Kentucky is mandated by law and as a Kentucky business owner you need to have the right coverage for your employees. Many factors are involved in obtaining a workers comp policy and here are some of those:
- Number of employees. Since coverage is required for each employee, the number of workers is the main factor in price and coverage. The cost of your payroll is also a factor that insurance companies look at in evaluating your premium.
- Work related risks. You will have a higher workers compensation premium is the work your employees perform is considered risky. Many businesses will try to make the workplace safer in order to get a better rate on coverage.
- Claims. A big determining factor is the costs of past claims made by a company when evaluating your risks.
If you can provide a safer work environment and keep your claims down, you can usually get better coverage for a more affordable price. Contact us at London Insurance Agency & Insurance Service Center to see if we can help you in decreasing your workers compensation risks.