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Does premiums go up on the employers wcinsurance after a claim has been made?
Wiki User
∙ 15y ago
Not necessarily. Insurance premiums are based on pooling the risk. Generally the settlements average out and the total of premium income covers all the liabilities of the insurance company. But insurers have to make profits. If a particular employer has a record of making many expensive claims, he is a high risk and the insurer will seriously consider increasing his premiums.
If several employers seem to be particularly 'risk prone', insurers will probably group such 'high risk' employer's into a special group that will all have to pay higher premiums. In this way, employers who have good safety procedures/staff relationships etc will not be penalised by the possible bad management practices of the few who have a pattern of being high/frequent claimants.
Wiki User
∙ 15y ago
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