Annual Workers Compensation Insurance with Annual Reporting

This option has always been a very popular type of insurance policy.  After submitting your information to our many insurance carriers, your Work Comp insurance agent will have a quote that is based on the estimated annual payroll.  The carrier will then offer either a payment in full or low monthly payments option for you based on that estimate. This option is good for businesses that have a good understanding of their estimated annual payroll.


Annual Work Compensation Insurance with Monthly Reporting:

This option, which is by far the most popular and works the same as the annual worker compensation insurance policy noted above with one major difference.  Instead of making monthly premium payments based on the original employee payroll estimate, each month the business submits a report to the workmans comp insurance carrier with their exact monthly payroll by class code.  The total premium is then calculated for that particular month and the resulting monthly premium payment is then submitted to the carrier.  This option, which was very limited until only a few short years ago, allows for the business to avoid over or under paying their workers comp insurance premiums and helps to eliminate sometimes shockingly large insurance audit bills at the end of the policy.  Your insurance broker at Ballast Point Insurance Services will always work very hard to make sure that you are able to receive competitive prices from Annual Worker Compensation Insurance Companies that allow for monthly self reporting. 

PEO / Professional Employers Organization:

PEOs, are a third option that both small businesses and large businesses alike tend to benefit from.  In states like California, this option is a very good California workers compensation insurance choice.  These insurance companies integrate the work comp payments into their own payroll service. Choosing this option means that your business can not process payroll in house or via a third party payroll service.  The upside is that PEOs have extremely competitive pricing in a vastly overpriced market, while the downsides are that you now are required to outsource your payroll to one particular company and can often lose valuable work comp experience credits.  Contact one of our Work Comp Insurance Agents anytime for a further information and pricing for PEOs as they may or may not be right for your particular needs.  Our agents are always happy to answer any workmens comp questions you may have.

Fast and Friendly Service with Nationwide Expertise:

Headquartered in California, the Insurance Agents and Insurance Brokers here at Ballast Point Insurance have over thirty years of combined experience placing workers compensation insurance for many easy and hard to place types of business.  We have spent years fostering strong relationships with many nationwide insurance companies so that we can offer the most competitive quotes with all the work comp insurance carriers available, leaving you time to get back to what matters.  Feel free to contact one of our Workers Compensation Insurance Agents anytime to discuss how we can start saving you money fast.
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Workers Compensation Insurance and what it is.

Worker Compensation Insurance, also known as, work comp, workmans comp, workers comp insurance etc. is insurance that is designed to offer payment for injury caused in the scope of employment which provides benefits to a worker or the workers dependents for injury, disability, or disease contracted by the worker in the course of his or her employment.  


What does this mean to you?

If you are a business owner, you may be liable for these costs.  Let’s assume that you are a small business owner that that has a general contracting business.  You recently hired an employee that two days into a job, injures himself while working on a roof.  If your state laws mandate that your employee must be covered for work related accidents, and most of the states do, then you could now be liable for medical payments, loss of income and benefits to that employee.  Workers Compensation insurance is designed to cover these bills and loss of wages associated with that accident so that you don’t have to.

What types of Workers Compensation Insurance are there?

Luckily, things have changed for Work Comp Insurance in the last few years.  There are many carriers to choose from depending on your particular business operations and needs.  Our many carriers have even dropped their rates on California Workers Compensation Insurance recently.  For instance, just up until a couple years ago it was nearly impossible to find affordable workers compensation insurance for Contractors but that has all changed now, even for California Workers Compensation Insurance.  Ballast Point Insurance Services has many nationwide insurance carriers that enable our insurance agents to find the most competitive insurance rates available with many different policy types. 

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