Do I Need Workers’ Compensation Insurance?

The most commonly asked question about Workers Compensation Insurance is AM I REQUIRED TO HAVE IT?  In most cases, the answer is yes. If you meet the requirements state law mandates that you carry Workers Compensation. However, it is always a good idea to call us so that we can give you a definitive answer.

The next question is HOW MUCH IS IT GOING TO COST?  Workers Compensation premium is calculated based on your payroll for each class code, your experience modification factor (MOD),and the Loss Cost Multiplier (LCM) of the insurance carrier.

Did you know that you can save money just by changing insurance carriers?  Every insurance carrier has a different LCM, and since we are an independent insurance agency representing many carriers, we can probably save you money by finding an insurance carrier that has a lower rate than your current carrier.

The Loss Cost Multiplier Explained


Workers Compensation insurance is relatively straightforward, however, at Friedman Associates, we pride ourselves on providing value-added services that can help you better understand and lower your premium.

Our Tools for Success

We can help you build a solid safety and loss control program to mitigate risk and overcome compliance challenges.

Statutes for Your State

We can provide workers compensation information for any state; this is important as most of these change annually based on inflation. We stay on top of these changes for you.

Controlling your Experience Modification Factor (MOD)

We have informative documents to assist you in understanding and controlling your experience modification factor (MOD)

Safety Programs and Policies

Every industry has specific risks so not every safety policy will work for every industry.  We have industry specific safety guidelines outlining how you can control these risks and keep your employees injury-free while working.

Fight Fraud

Fraud is, unfortunately, something that is commonplace in workers compensation claims.  We can instruct you on how to prevent fraud in your workplace.

Have questions?  Contact us today for free professional advice or to receive a competitive quote designed to meet your specific insurance needs.

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