Crucial Questions: 5 Things to Consider When Choosing a Workers Comp Policy

Workers’ compensation insurance is a requirement for most businesses, even small ones. This is the coverage you carry that will provide financial benefits to employees who may be injured or become ill as a result of work-related incidents. Benefits range from reimbursement of medical expenses, legal costs, lost income, and even death-related costs. 

Worker’s compensation can also protect you from fines and frivolous lawsuits. However, the unfortunate truth is that choosing the best carrier for your workers’ compensation coverage is a complex process many business owners dread. 

Many factors influence which provider will be a good fit for your company. From the size of your business and the nature of what you do to your employees’ medical or physical needs, and the affordability of each option, there’s a lot to consider. 

The best first step is to get a small business workers comp insurance quote to determine what your plan will look like and how you’ll budget for it. Here are a few other things to consider when choosing what works best for your business. 

Do They Offer Workers’ Comp Insurance for Small Businesses?

One of the first signs of a well-matched insurance carrier is whether or not they offer tailored coverage for small businesses. A quote from a knowledgeable agent should be based on your business, your state, and your unique needs. This shows a five-star level of customer service and attention to detail that will give you confidence that you’re partnering with a reliable and trustworthy carrier. 

Do They Offer the Breadth of Coverage You Need?

Not all insurance carriers are created equal. It’s vital to ensure that your chosen provider can accommodate the range of services and coverage your business and team need. Whether that’s disability coverage, physical or medical rehab, lost income, medical expenses, or life insurance benefits, taking care of your employees is crucial to maintaining a loyal and productive workforce. 

Do Their Policies Offer Enough Company Protections?

The other half of insurance coverage for worker’s compensation covers your business if a lawsuit is filed on behalf of an employee. While some suits are unavoidable, it’s also crucial to protect yourself against frivolous and unfounded cases. 

For example, several types of lawsuits aren’t allowed once an employee has benefited from worker’s compensation coverage, such as consequential injuries and attempting to sue a third party for the fault of their injury or illness. 

Do They Offer Technical Integrations?

As the business owner, you will pay your workers’ compensation policy premium, and it will be based on your payroll records. As such, keeping track of all the employee payment data is critical. Choose a carrier who has or can recommend a reliable software solution to make your job easier. 

Do They Offer Ongoing Support?

The last thing you should be looking for in a worker’s comp insurance carrier is a “click and checkout solution.” You want to partner with a reliable and trustworthy provider who will support your business and team long-term. 

Do they offer proactive customer support, both for you and your employees? Are they proactive in helping you find solutions for your coverage? Will they help you ensure your business and your reporting process are classified and implemented correctly? These and other service-related questions will help you eliminate less helpful insurance carriers and create a short list of ideal providers.

Choosing the right insurance partner will pay off in the long run. So work through this checklist and ensure all the insurance carriers you consider meet or exceed your expectations. Your team and your business are counting on it. 

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