Insurance Journal's Academy of Insurance
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Workers’ Compensation Retrospective Rating Plans can be an effective method for employers to finance and reduce their injury costs.
Workers’ Compensation Retrospective Rating Plans can be an effective method for employers to finance and reduce their injury costs. However, few agents understand the complexities of these plans or how to assess if they are the right fit to propose to an employer.Even though the structure of these plans is similar, not all Retrospective Rating Plans are created equally. It is important to know what to look for in the contract to avoid unpleasant surprises.With the Work Comp market tightening, agents are likely to see Insurance Companies offering Retro Plans instead of Guaranteed Cost Plans for employers with adverse losses. In a tight market, Insurance Companies often look to share the risk of losses with their employer clients. If you are not already an expert on Retro Plans, now is the time to get up to speed and not get caught off guard. Participants of this webinar will learn: