Whether you run a small or large business, your employees are probably the driving force behind your Ontario-based company. Not only are they the ones the customers see, but also they are the ones that provide the services to the customers. This is why it is imperative to protect them at all times, as well as protecting yourself from them. What is this going to cost you to achieve? Of course, the answer to that question will vary from business to business. There are not only a variety of factors that can determine the cost of workers’ compensation insurance, but even certain regulations in Ontario and surrounding areas can come into play.
The truth of the matter is that there really is no universal price for every company out there. And, this is why it is important to know the factors that can impact the overall cost of workers’ compensation insurance.
Understanding The Cost Factors
As mentioned above, there are a variety of factors that can impact the overall cost of your workers’ compensation policy. And, below you will learn what these factors are and how they will play a role in your cost.
The Risks Of Your Employees
It is no mistake that there are some companies in the Ontario area that are at higher risks than others. This is why the Canadian government and insurance bodies have developed a classification system that will calculate a certain rate based on the level of risk that your employees face on a daily basis. Keep in mind that these rates can vary from area to area in Canada.
Of course, it shouldn’t come as a surprise that riskier jobs are going to raise the premium rates. For example, electricians and welders in the Ontario area are going to have to pay more for workers’ compensation coverage than accountants or architects, because there is a much higher risk that they will get injured on the job.
How Much Your Make
It might not seem fair, but your annual payroll can even play a factor in determining the overall cost of your workers’ compensation insurance policy. If you bring in more money, you can expect to pay more. Whatever the situation is, you should be prepared to provide this information when applying for a free quote with us at ProfessionalsCoverage.
How Many Claims You’ve Made In The Past
Have you had to file several claims in the past? If so, you can expect to see an increase in your rates. Also, the severity of the claims can come into play as well. If you have had several workers that have been forced into early retirement due to on-the-job injuries, you can expect to pay a lot more for coverage.
Even Your Location
Every area in Ontario is completely different and has their own set of workers’ compensation laws and regulations. However, there are some areas that are considered higher risk, just like different professions are considered higher risk. Once again, this might not seem fair, but it is just the way of the law in Canada. Of course, businesses located in these higher risk areas will see an increase in rates as well.
How To Get Cheaper Workers’ Compensation Insurance
At ProfessionalsCoverage we know that you got into business to make money. And, if you blow most of your money on insurance coverage this pretty much defeats the purpose. This is why we try to help all businesses in the Ontario area get the best coverage at the cheapest rates possible. Of course, it doesn’t hurt either if you do everything in your power to minimize your risks for a claim along the way. There are a variety of ways that you can accomplish this.
- Proper Safety Training – Properly training your employees on safety practices in the workplace can go a long way to reducing your insurance costs. It can also keep your employees safer. For instance, an electrical business can hold monthly seminars on how to make sure circuits are really shut off and how to avoid electrocution.
- Knowing The Safety Standards – How can you expect your employees to avoid danger if they don’t know all the safety standards? Teach your employees how to avoid slips, falls, and bodily harm that might occur on the job. For instance, an HVAC contractor might teach employees proper lifting techniques to prevent knee and back injuries
- Maintain Your Property – It shouldn’t be a surprise that a tidy and neat workplace reduces the chances for a major injury. Along with this, you can ensure that the environment is also health-friendly and offers the best levels of breathable air possible. You can do this by investing in HEPA filters and getting regular duct cleanings. This can go a long way for individuals that spend large amount of time in the office.
Acquiring workers’ compensation insurance might seem hard and it is, but we have done everything within our power to make it as easy as possible. We are currently working with a variety of insurance companies that underwrite workers’ compensation insurance. This gives us the unique ability to provide you with free quotes right through our website. Or, you can even get the toll-free number, give us a call, and speak to an expertly trained agent. We will not only help you find cheapest coverage, but we will help you find the amount of coverage that you need to protect yourself your business, and your employees.