Cardinal Insurance Group understands that workers compensation is not a one size fits all. That is why we provide many different solutions when looking for the best coverage that fits our client’s needs. These solutions consist of:
- Guaranteed costs option: Most businesses are insured in the guaranteed cost market. This means that a fixed rate is applied at the start of the twelve-month policy term. After the policy term there is a payroll audit that is conducted by the insurance company in which the final premium will be determined. This option can provide several billing options such as zero premium down, monthly installments, and, pay as you go.
- Private Employer Organization (PEO) option: This option is designed to help take stress off the business owner as this option normally includes workers compensation, payroll servicing, HR representation, and health insurance. This type of option eliminates the standard audit process by packaging payroll services. It provides the option to take on risk (deductible) which will lead to lower costs and improved cash flow. It provides the ability for business owners to participate in profit sharing which can lead to huge refunds. This type of program is ideal for higher risks industries such as staffing, construction, agriculture, trucking, manufacturing, and others.
- Self-Insured options: This option eliminates the rating roller coaster that most business owners face once their experience modification (ExMod) is published. It can provide huge workers comp savings. Cardinal Insurance Group, Inc. currently has an exclusive self-insured program for workers comp premiums over $100,000 in the following industries: construction, agriculture, farm, livestock, restaurant, and home health care.
- Captives: This option is designed for industries with premiums at $2 million or more. This option is ideal for risks that are interest in have more control over their rates, tax savings, flexibility in financing and in benefit structures.
Cardinal Insurance Group, Inc. is constantly doing market research to make sure we are offering the best options and solutions for our clients. If you are business owner with a high ExMod, high premiums, or do not think your current broker is doing the best for you give us a call as we can provide the best option available.
Class Code Review:
There are over 1,000 workers compensation class codes. Every class code is going to have its own assigned rate. It is crucial to make sure the correct operation is match to the proper class code. Miss classification could cost business owners thousands of dollars. It is our job to make sure our clients have the correct code assigned to their operation.
Cardinal Insurance Group, Inc. knows the importance of having a safe workplace. It is our mission to work with our clients to make them aware of services that can be applied to their business to help mitigate claims, prevent claim and prevent fraud.
All business owners sooner or later will have a workers’ compensation claim. Managing and keeping control of the claim once it does occur is crucial. Anchor Insurance Group, Inc. provides the following services to help accomplish this:
- Review all reserves with the adjuster and insure they are justified
- Request administrative closure or dismissal of claims that have been abandoned.
- Obtain reports of any pending offers of settlements when submitted.
- Ensure the claimant is attending his/her scheduled medical appointments.
- Coordinate modified work with the employer.
- Contact Adjuster to ensure all medical reports have been received
- Review reserves with adjuster and insure they are justified
- Advise adjuster to file declaration of readiness (DOR) or set mandatory settlement conference (MSC) when appropriate.
- Ask adjuster to check history of injured worker for previous filings for same injury
- Monitor doctors report for P & S status, go for closure
ExMod Review, Restoration, Forecasting:
Cardinal Insurance Group, Inc. know the important of a published experience modification number. Depending on if there is a positive or negative published this could have a huge impact on how a business owner is going to continue in business or afford the workers compensation costs. We do the following to ensure our clients are being charge correctly or to inform them of possible changes that will take place:
- Review ExMod to ensure that it is correctly filed with the workers compensation insurance rating bureau of Michigan
- Provide future publications so our client can plan for future premium impacts
- Find premium refunds that are due to our client due to publication errors.
- Provide workers compensation options that will eliminate bad ExMods
If you do not know what your experience modification (ExMod) rate is or would like to know how your rate will effective you give us a call. We would be more than happy to help you.