When it comes to workers’ compensation premiums, consistency can do wonders for your peace of mind. That’s why we offer flat rate guaranteed cost coverage—your premiums will be predictable, and if you encounter an unexpected increase in claims, your rates won’t increase during the policy period. We’ll work with you to find a workers’ compensation plan that keeps you covered while also helping you save money.
How does guaranteed cost insurance compare to a loss-sensitive plan?
Guaranteed cost insurance programs tend to be more popular for small and mid-sized businesses, because the premiums are more predictable. Loss sensitive plans, meanwhile, often make sense for larger businesses with the financial security to handle higher deductibles and frequent or severe claims.
Am I likely to spend more for a guaranteed cost premium?
A guaranteed cost premium will always be higher than the premium for a deductible plan—possibly much higher—depending on the size of your deductible. Knowing that, you’ll just need to consider the combination of the premium and the projected deductibles and compare the total costs of the two program types. Ultimately, choosing the right workers’ compensation plan comes down to your business’s unique characteristics, financial stability, and tolerance for risk.
If I choose a flat fee guaranteed cost workers’ compensation plan rather than a loss-sensitive plan, is it possible I may still be subject to a premium audit?
Yes—in all likelihood, you’ll be audited regardless of your workers’ compensation plan format. But with guaranteed cost coverage, your claims history won’t affect the cost of coverage beyond what you end up paying in deductibles. As you continue researching, remember that our experienced agents are ready to help you find the answers to your workers’ compensation questions.
In 1994, Sentry reached the $1 billion mark in policyholder surplus.
Sentry—then Hardware Dealers Mutual Fire Insurance Company of Wisconsin—was founded in Berlin, Wisconsin.
Sentry Insurance Group has received an A+ rating from AM Best for 32 years in a row.*
We believe in being a member of the community, a philosophy our associates take to heart in many ways.
Our goal is to do what’s right by you. Our board has experience you can trust to make decisions critical to the success of Sentry—and, in turn, you.
