At Sentry, we believe large businesses who demonstrate dedication to workplace safety should be able to choose workers’ compensation plans that reward them for that dedication. With a retrospective insurance plan, we’ll determine your premiums—largely based on your recent claims history—after each policy period.
When managed well, a retrospective rating plan can incentivize your company to control losses. Let’s sit down and see if a retrospective rating plan is right for you.
What factors can help me determine whether a retrospective rating plan is right for my business?
Choosing a loss-sensitive workers’ compensation plan, such as a retrospective rating plan, can provide excellent value for a company. But the plan needs to make financial and cultural sense to take on that risk. Retrospective insurance plans tend to work best for employers with large workers’ compensation premiums, a stable financial situation, and historically reliable claims data. If you’ve dealt with high losses recently, however, or if you’re subject to catastrophic exposures, a retrospective rating plan may not be best. Our agents will work with you to help assess your situation and find the plan you need.
How will my premium be calculated with a retrospective rating plan?
The actual rating formula is fairly complex, but the key component of retrospective rating plans is the fact that your premium is determined after the policy period concludes. It’s based largely on your claim history for that period. During the policy period, you’ll pay your premium, and we’ll handle your claims. In the months following the end of the period, we’ll make a retroactive adjustment to your premium based on the losses you incurred compared to expectations. As you can imagine, this is where a financially sound business dedicated to safety can see the benefits of this plan.
I understand that claims are very important for retrospective rating plans. Can you explain their relevance, and how Sentry’s claims team could be beneficial to me?
With a retrospective rating plan, your premium is directly affected by your claims losses for that period. The costlier the losses, the higher your premium. This means working with the right claims team is essential—not only for your employees’ well-being, but for your bottom line. At Sentry, our knowledgeable and experienced team understands the complexities of retrospective insurance plans, and they handle claims promptly and fairly.
A 1964 claims payment of $69.10 to a Virginia dealership put Sentry over one billion dollars in claims payments.
In 1994, Sentry reaches $1 billion mark in policyholder surplus.
While we’ve been in business a long time, we’ve had just eight leaders during our more than 100-year history.
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.
You’ve worked hard to build your business. We can help you protect it.
