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Well it's time to renew my policy and I decided to shop around a bit. I found a company called BBSI that does their workers comp a bit different. They are a PEO and I would be outsourcing my "HR" to them. (I put HR in quotes because we are a 4 man shop). I would be saving about $1000 a year off of some other more convention style quotes. Does anyone have any experience with PEOs or BBSI? I'd love some input from someone who is more experienced in this area.
We decided to stay with Federated and did a littler digging. I have a 10k deductable and anything under x claim is not reported effecting my mod rate However, they manage all claims for the documentation aspect. There is a cost, but not like the expense of losing a job because our mod is over xxxx.
Ask some questions, get a few quotes
Different states must have different rules. As far as I know there is no deductible allowed in Vermont. We have never had one and never been offered one. WC pays from the first dollar.
Additionally, every injury must be reported and every lost time injury must be reported to the state within 72 hours.
The employee doesn't see a deductible.
The company pays the first x$ out of pocket or buys a separate policy to cover 5x$ or 10x$ if their out of pocket exceeds their risk level for the year.
You can also self insure if you have the income and assets.