workers' comp insurance

clock August 11, 2021

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5 Tips on Choosing Workers’ Comp Insurance for Contractors

Are you looking for ways to ensure that your contractors are protected from an emergency? Do you find yourself overwhelmed by the different workers’ comp policies out there on the market? If so, then you need to learn about how to choose the right workers’ comp insurance for your staff.

Doing so can help protect you, your company, your workers, and your clients from financial stress. If something were to happen, your workers would have a way to cover their medical bills.

See below for an in-depth list of tips that you can use as you go about providing insurance for contractors.

1. Find a Reputable Provider

Regardless of what type of insurance you’re shopping for, there’s one mistake that people often make: they don’t pay attention to the provider they’re conducting business with.

While things such as premiums, coverage details, and deductibles are certainly important, they mean next to nothing if you have the wrong provider. They’ll be the ones distributing the coverage. They’ll be the ones providing financial protection for your contractors after an emergency.

Imagine the horror of finding out that your provider is giving your contractor a rough time with paying out their workers’ compensation claim.

Luckily, there are a few qualifications you can look at to ensure you’ve found a trustworthy workers’ comp provider. First, look into the number of businesses that they’ve served. You might also consider asking about the different industries their clients are in.

Next, you should hire a company that offers strategies for your workers’ comp plan. Here at National Workman’s Comp Solutions, we’re focused on reducing your administration’s workload and cost.

You should also look into the provider’s mission statement and see where their priorities lie. Are they wanting to help your business grow or just reduce the cost to lure you into one of their policies?

2. Know the Benefits

To find the perfect workers’ comp insurance coverage for your contractors, you’ll want to fully understand the benefits of efficient workers’ compensation. 

Obviously, workers’ compensation offers a huge benefit to your contractors by covering any financial loss related to their injury or accident. That includes medical bills, sickness, missed wages, long-term disabilities, and so forth.

However, workers’ comp offers just as many benefits to the employer (you). First off, it provides financial protection for your company. Rather than being forced to cover the costs yourself, your insurance provider will do so. 

Finding the right workers’ comp provider also helps protect the relationship between you and your contractors. After they file a claim, your provider will work with your employee directly, thus removing you from the situation.

You should also know the benefits of finding the right provider. By using National Workman’s Comp Solutions, you’ll receive benefits such as:

  • Low deductibles
  • The ability to work with workers’ compensation specialists
  • No audits required
  • Pay as you go 
  • Same-day approvals
  • The best cost and rates on the market
  • Payroll and tax filing (ASO)
  • Reduced employee liability

The list goes on and on. Be sure to reach out to us to find the best workers’ comp insurance for your contractors.

3. Enforce Workplace Safety

Once you invest in workers’ comp insurance, you’ll have financial protection in case of an emergency. However, that doesn’t mean you should take your foot off the gas. You should establish (and enforce) an workplace safety plan.

Think of workers’ comp insurance and a strong workplace safety plan as a one-two punch for your business. It can significantly reduce the risk of injuries or accidents on your building site. 

Make sure to create a safety plan that’s specific to each site. Assess the workload and identify any potential risks that could pop up during construction. Take the time to consider any subcontractors that you’re planning to hire as well.

Once you’ve constructed a safety plan, communication is the top priority. Make sure to stress the details of your plan to all contractors and subcontractors, and meet weekly to reinforce their importance.

4. Look for Strong Communication

In the event of an emergency, your provider’s communication skills will be vitally important. They’ll be the ones to take over communications with your contractors and hammer out the details of their claim.

You can gauge a provider’s communication from the get-go. Be sure to reach out to one of their workers’ compensation specialists and ask as many questions as you see fit. Do they take the time to answer all of your questions efficiently? 

Unfortunately, an emergency can happen at any time. When it does, you want the experts to be the ones communicating with all parties involved.

5. Experience and Knowledge

Don’t ever go with the new kids on the block. When searching for workers’ comp insurance for your contractors, you want to invest in a provider that has the experience and know-how you need.

As we mentioned earlier, be sure to find a provider with an extensive client base that spans multiple industries. We have clients in construction, manufacturing, roofing, landscaping, mold remediation, and so much more.

Our knowledge of your industry will help us create the perfect workers’ comp plan for your business and your contractors alike.

Invest in Workers’ Comp Insurance for Your Business Today

Now that you have seen an in-depth guide on how to invest in workers’ comp insurance, be sure to use this information to your advantage.

Be sure to start by reading this article for a basic overview of workers’ compensation requirements by state to educate yourself a bit more.

To get started, be sure to visit this page to receive an instant quote online. We look forward to helping you further!

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