Delaware Business Insurance Update "Work Comp Still the Big Dog in Construction Insurance Cost", by CNC Insurance Associates Inc. 6-23-14

Based on a recent report, 3.7% of construction workers will get injured on the job this year. Take into the fact that the average work comp claim in construction usually tops over $10,000, and you can understand why work comp is a cost driver. The direct cost of workmans comp insurance continues to rise. In most construction trades work comp premiums can be 40% or more of the total commercial premium in a 12 month policy period. The only way to reduce these costs is in safety practices. Companies that avoid injuries pay less in work comp premiums hands down. Safety practices and safety equipment may be expensive and time consuming but the payoff is big. Not only do employees have a safer work environment, but the competitiveness of the company that avoids injuries is enhanced.  There is one word in work comp cost reduction that every construction company needs to know and that word is "Safety". Those that avoid injuries pay less, period!!
Until next time be careful out there and know your risks.


G. Kevin Nemith,  Pres. CNC Insurance & The Small Business Insurance Center
Serving, DE, PA, NJ, MD, & VA
www.cncinsurance.com
www.bizinsurancetv.org

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