How to Cut Your Workers’ Compensation in Half

Cut costs to help your nonprofit organization.

As a nonprofit owner, you know that every dollar counts. You may rely on each penny in those monthly donations. When you’re navigating potential costs such as salaries and event coordination, even something as important and desirable as workers’ compensation can seem like a dismaying cost.

Worker’s compensation is among the most commonly purchased forms of insurance since many states require it. It is coverage that helps pay an employee’s wages and medical bills if they are injured on the job, generally with the agreement that the organization cannot be legally held responsible for the incident. While it’s important for nonprofits to protect their organization, securing workers’ compensation insurance doesn’t have to break the bank.

There are a few important things to note that can make workers’ compensation premiums more manageable. Firstly, you’ll want to approach the right insurance agency. Choose one that is familiar with nonprofits and can assist in securing all of your insurance needs. Secondly, have a basic understanding of underwriting. This is the most pervasive process in the insurance world and is the first obstacle in obtaining an attractive premium. It is the practice that decides how much your insurance will cost.

While it is mainly done with computer algorithms, underwriters will still consider your organization’s factors, such as how long you’ve been in business, how financially stable the business is, and the nature of the organization. If you have business vehicles or high risks, then you may need additional insurance.

Are you ready to secure the right insurance with affordable premiums? Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298. We will work with you to ensure you are getting the most out of your coverage.