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SubscribeWorkers’ compensation is an essential insurance coverage every senior living community needs. There are a few different types of workers’ compensation policies available, so it’s important to know the difference between each one to find the program that best fits your community's needs. Below are three different workers’ compensation policies available through standard markets:
Guaranteed Cost
A guaranteed cost workers’ compensation policy is one of the most common and basic policies available. With a guaranteed cost policy, the premium is known and will not fluctuate based on claim activity. Some pros and cons of a guaranteed cost policy are:
Large Deductible
A large deductible policy is a type of loss sensitive program where the insured retains a certain amount of each loss up to the per claim deductible or policy aggregate. Here’s what you need to know:
Retrospective Rating
A retrospective rating policy (retro) is another type of loss sensitive program where the premium is adjusted on an annual basis, subject to a specified minimum and maximum premium, based on the claim activity. Some main differentiators are:
This content is provided by Marsh & McLennan Agency for informational purposes only. Consult your actual insurance policy for details regarding terms, conditions, coverage, and exclusions.
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