Workers Compensation

Lower Your Risk and Workers Compensation Costs.

No matter what line of business you’re in – a manufacturing or industrial shop, a retail or service business or even a low-risk office environment – accidents can happen on the job. That’s why workers compensation insurance is considered mandatory insurance if you run a business with employees. Unfortunately, workers compensation insurance can be one of the highest insurance costs your business takes on if you’re not careful.

That’s where the experts at Burkhart Insurance come in. To help you avoid premiums that can rise and fall without any warning, we’ll help you carefully monitor your policy and help you identify areas that can affect your workers compensation premiums. We’ll even help you educate employees on how you can lower your risk with practical everyday solutions.

Do I have to buy workers compensation insurance?

In Indiana, all businesses with employees must have workers compensation insurance. Sole proprietors, partners, and LLC members are excluded from coverage but can choose to be included.

Why do workers compensation premiums rise and fall?

How your workers compensation premiums are figured takes into consideration a variety of factors – the biggest being if you’ve had any claims. Did you know one workers compensation claim can affect your premiums for the next three years? Some of the other factors your workers compensation team will look to understand your current and future insurance premiums include:

  • Total money paid out in claims
  • Losses by cause and nature of injury
  • Expected vs actual loss ratio
  • Risk management policies currently in place
  • Areas you can improve and control future losses
  • Your “Return to Work” program
  • How you compare to industry benchmarks

How long does workers comp claim affect my premiums?

Workers compensation premiums are usually figured using a three-year span experience modification. Burkhart Insurance will help you determine your E-Mod/X-Mod number and explain how this number works into figuring your premiums. We’ll also give you tips and practices to implement that can lower your number and premium.

What does workers compensation insurance cover?

Any hospital and medical expenses that are needed to diagnose and treat a job-related illness or injury are covered by workers compensation insurance. Workers Comp will also provide disability payments to employees should they be unable to return to work immediately. This is typically about two-thirds of your employee’s regular salary.