by Marie King
A big piece of your roofing insurance consists of workers’ compensation coverage. What drives the cost of that part of your roofing insurance is the number of injuries your roofers tally up over a period of time. Those statistics are calculated into a complex national average called Experience Modification Rate (EMR). Like a credit rating, EMR drives the cost of your workers’ compensation upping the price of your roofing insurance.
The EMR is a mathematical standard used by roofing insurance companies to determine risk based on current claims and injuries and future projections.These calculations are utilized to decide the premiums on roofing insurance in workers’ compensation claims.
The actual figure is 1.0, and it is devised by the National Council of Compensation Insurance (NCCI). NCCI compares companies within the same industry for worker risks, injuries, losses, payroll and a collection of other factors.Through these complex calculations, NCCI comes up with a number for each company based on an average of 1.0. Companies with 1.0 or lower have good ratings while businesses above 1.0 are rated less well. The ones above 1.0 pay higher premiums on their roofing insurance through workers’ compensation claims.
You want to have affordable roofing insurance premiums. Getting the 1.0 or below rating needed to get this desirable roofing insurance premium isn’t easy, but it’s doable. It’s speaks to reducing the injuries of your roofers and thereby lowering the claims against your roofing insurance.
You lower your EMR with the help of a health and safety plan (HASP). A HASP contains procedures, policies and training for both supervisors and workers on ways to avoid injuries and unsafe conditions. HASP also trains workers on safety procedures and proper methods to carry out tasks. Most Hasp’s include a number of components. Here are some of them.
Have general operating policies and procedures and make sure your employees know what they are.
Lowering your EMR can make your roofing insurance more affordable, specifically the premiums on your workers compensation. Put a health and security plan (HASP) in place as soon as you can, so you will be able to enjoy the savings on your more affordable roofing insurance.