With the continuing advances in medicine, the elder population is living longer, and the necessity for extended care is in greater demand. More workers equal increased risk, so as agents and brokers, it is important to offer comprehensive nursing homes workers’ compensation plans that satisfy your clients’ requirements. There are several options that should be taken into consideration.
Large Deductible Plans
With the option of a large deductible plan, your clients will lower their operations costs and be able to cover more workers. The financial condition and short and long-term goals of the company should be taken into consideration to promote the best loss-sensitive program for the particular client.
Retrospective Rating Plans
A properly managed retrospective rating plan can control the total costs and is devised for the final premium payout to be reflective of the actual loss during the period of the policy. Two of the most common types of these plans are:
- Incurred loss retro
- Paid loss retro
The most popular is the incurred loss retro due to lower upfront costs, and the paid loss retro is typically reserved for the largest of your clients.
These selections can be an excellent choice for your clients in the area of nursing homes workers’ compensation plans. Consult an established wholesale insurance agency for more information on providing the best services to your clients.