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“News Flash”
Do I Need Workers Compensation Insurance?

This question is asked all the time. In Oklahoma, you need workers compensation insurance if you have an employee that’s not a family member. A couple other exceptions are: if you have a domestic or a farm employee, you don’t come under the Oklahoma Workers Compensation Act. Otherwise, YES, YOU need it. Pretty simple.

“Absolutely Unusual”

Oklahoma Workers Compensation Insurance companies don’t pay for YOUR employees injuries – they just finance them for YOU at usury interest rates.

Claims Management Services are usually dreadful for work comp programs.

YOU are penalized and overpay when the “Audit Police” make a mistake on an audit. Would YOU allow an IRS agent to conduct an audit without an expert on YOUR side?

Experience modification factors are often wrong or mismanaged. YOUR dividend may not be what it appears to be.

YOUR money will fly away unless YOUR agent pays close attention to YOUR workers compensation program more than any other insurance YOU buy.

YOU can drastically slash YOUR costs – if YOU install the right systems.

Providing OKLAHOMA businesses with a hassle FREE insurance process is what we strive to do. Which brings us to a subject that we’re asked about all the time - -

Does CompSource Oklahoma Surcharge?

I get calls all the time saying okay, you say you can Save me up to 37% on my workcomp. Prove it. Most of these calls come from clients of CompSource Oklahoma. When I ask them if they have ever read their policy, guess what? The answer is an affirmative NO. I then direct them to Part Five-Premium of their CompSource policy that explains their deposit premium and how it is treated. It's very clear that it is not applied to any premiums owed. Well, guess what? If it doesn't apply to any premiums owed, what is it used for? Another typical response is, I don't Know. Uh....., it might be considered a surcharge by some. The deposit is always kept at 25% of whatever your annualized premium is but is never applied to your premium. Since CompSource clients have to do a monthly payroll report, they (CompSource) are always current with your premiums. It also, states that the deposit will be retained until cancelled and a final audit is completed. The deposit will be applied to any past due premiums determined to be due by the final audit. This is not to say that some real insurance carriers don't do the same thing. They do. They just don't hide their intentions to do so. Most real insurance carriers will collect a 25% deposit and let you have 9 to 12 monthly payments to pay the workcomp policies off. However, their deposits are applied to your premium. So, can we Save YOU up to 37%? Probably. However, if you don't understand what I have just explained, You will be better served to continue and pay an additional 25% and feel good about YOUR decision.