Tips to Consider When Shopping for Workers’ Compensation Insurance
Buying workers’ compensation insurance is essentially buying peace of mind for your business. Workers’ compensation coverage protects businesses from potential lawsuits and provides injured employees with medical care and compensation for lost wages. Below are a couple of things worth keeping in mind when selecting a workers’ compensation insurance carrier:
- Check with your insurance agent for potential credits and savings. Some states reward businesses for maintaining a workplace safety plan and a drug and alcohol-free workplace.1
- Consider joining a trade association. Some carriers offer discounts on workers’ compensation insurance if your business is a member of a qualified professional association.
- Keep the nature of your business in mind. Some insurance carriers specialize in certain types and sizes of businesses. Also, if your employees travel across state lines for work purposes, you will need to seek an insurance carrier that provides multi-state coverage.
- Look for an insurance carrier that offers value-added services. Some carriers offer free tools and resources that can greatly improve safety at your workplace, help you prevent fraudulent claims, and provide you with a large network of care facilities available to your injured workers.
This short list of recommendations is a good start to getting the most out of your new workers’ compensation insurance policy.