Additional Plan Options

Shared Earnings Rating Plans

This is a type of loss sensitive plan. The premium is calculated originally as though the policy were being issued at a guaranteed cost. It differs, however, in that a distribution is calculated six months after policy expiration, based on the insured's final audited premium and incurred losses.  Generally with this plan, whenever a developed loss ratio is 45 percent or less, the employer receives a shared earning distribution.

Merit Rating – Loss Free Credits

Beacon's loss free credit program provides for a premium credit up to a maximum of 10 percent. Potential savings include a 3 percent credit for 2 loss-free years; a 5 percent credit for 3 loss-free years; a 7 percent credit for 4 or 5 loss-free years, and a 10 percent credit for 6 or more loss free years.

Premium Payment Plans

Beacon Mutual provides Rhode Island policyholders with workers’ compensation insurance at the most competitive price and offers affordable and convenient premium payment plans. Visit our secure web portal, Beaconnect, for details on Beacon’s flexible payment options or contact your underwriter to review payment plan options. Contact Us