Prime Insurance Agency is excited about the Zenith Insurance workers compensation program we’ve just launched.
Lakewood, NJ (PRWEB) November 08, 2011
Prime Insurance Agency helps BD Builders pull out of its financial crisis by replacing their workers compensation insurance with Zenith Insurance Group. BD Builders has put the economic meltdown that has severely affected the construction trade behind them, and are once again out in the field erecting new structures.
BD Builders’ owner David Lieber feels obliged to share what he has learned so painstakingly! David wonders if his company might not have folded had he not learned some important facts about workers compensation insurance from the commercial lines staff at Prime Insurance Agency.
Although rates and classification codes are determined by the state, the premiums you pay are not alike with all agencies and carriers. The rate is based on a myriad of factors which Prime Insurance so expertly applies to each individual case as needed. Although David now put his full trust in Prime Insurance Agency, he thought it would be beneficial to share some basic rules of how the workers compensation rates are calculated.
The classification code is what impacts the premiums most directly. The classification code for clerical work, is usually the lowest, while the classification for the construction trades (especially carpentry,) is usually much higher. Why? Carpenters get hurt on the job more often then a clerical worker would. When a workers compensation policy is written, and all employees are listed under the same carpentry classification, when some are in fact secretaries, salesman, or drivers, that will cost the company thousands of premium dollars!
The experience modifier is also a critical part of the calculation. If a company’s claim history is low it will serve as a discount and decrease the premium. A new business, or a business with a high claim history can not take advantage of this discount. In the case of BD Builders, with 16 years of experience and a minimal claim record, the experience factor should have been emphasized at renewal so they’d get the break in premium they deserved.
The final premium is a multiple value to be applied to every $100 of payroll. When the construction industry got hit by the economic crisis, and BD workload was drastically reduced, David had to fire some employees. He managed to cut his payroll, thereby cutting his workers compensation premiums, but that alone proved not to be enough. A professional review of payroll history can result in a lower estimated payroll and lower resulting premium.
BD Builders isn't the only company recognizing the value of a competent agency. Prime Insurance Agency has been serving Lakewood and surrounding New Jersey for years, insuring every type of property and casualty risk and educating people—homeowners and business owners alike—about the importance of proper insurance coverage. A thorough understanding of each risk along with proper underwriting capabilities is essential in obtaining the kind of coverage that comes with peace of mind.
Although workers compensation insurance is something that Prime Insurance has been placing for years, "We are especially excited about the Zenith Insurance workers compensation program we’ve just launched" said Sol Ilowitz, speaking on behalf of the company. " Zenith has built their reputation as an industry leader by providing customers with superior service and achieving results that continually outperform the industry. We are proud to team up with them, so we can be committed to workplace safety and health, quality medical care, managing claim costs, returning employees to work, and fighting fraud and abuse. We’ve got BD Builders signed up with the Zenith program, and so many other businesses could take advantage, too."
"A lot of people don't realize how badly they’re overpaying in premiums, or how poorly their businesses have been classified", Sol added. "People don't realize that not only can they cut costs by signing up with the Zenith Group, obtaining the proper coverage is actually a great business investment!"
About Prime Insurance:
Prime Insurance is one of the leading property and casualty agency in New Jersey, and is directly affiliated with the most prestigious insurance companies in the industry. From Zenith, and Travelers, to Peerless, and Safeco, ...... They have over 30 years combined experience in the field, and a very efficient, educated staff to service their clients. Their company mission is to service and educate he public about the advantages and availability of alternative insurance for businesses and homeowners alike along with competitive premiums.
Prime Insurance Agency, Inc.
960 East County Line Road
Lakewood, NJ 08701