Are you looking for ways to protect your employees in the event of a workplace accident? Do you want to protect your company from paying out major expenses if an injury or illness were to occur? If so, then you need to learn how to get workers’ comp insurance.
Not only is it advantageous for your company to have, but it’s also the law. Any company with one or more employees is legally required to have workers’ compensation.
Be sure to see below for several tips and tricks that you can use while you figure out the best way to get workers’ compensation insurance for your staff.
1. Consider Your Risks
Unsure of where to start with assessing your workers’ compensation needs? Sure, it’s the law, but how much coverage do you actually need for your staff? How do you determine that?
Start by assessing the risk in your industry. There are several industries (most of which are labor-intensive) that have higher risks involved. As such, you should expect to pay a higher premium, as it’s more likely that you’ll need to use the policy one day.
Such industries include plumbers, electricians, construction workers, welders, contractors, roofing services, basement waterproofing services, and so on.
However, there are sedimentary positions that require workers’ comp as well, such as accountants, front office workers, brokers, healthcare workers, real estate agents, and other similar positions.
No matter what industry you work in, there are some risks involved. You must identify those before your search for workers’ comp. This way, you can have a better understanding of the coverage that you need, as well as what you don’t.
For example, if you’re the owner of an accounting firm, you don’t need as much coverage as a contracting service. If you need guidance, you can speak with a trusted workers’ comp provider who will be happy to help.
2. Create a Budget
Now that you’ve assessed the risk involved in your industry, it’s time for you to consider how much you should be paying for workers’ comp insurance.
It’s always best to start this process by creating a budget. That way, you can use it to provide yourself a bit more accountability as you search.
For example, if you take the time to calculate a monthly budget, you can search for premiums that are within your price range. However, make sure you aren’t sacrificing the coverage in the process.
Insurance providers can meet any budget that you give them, but they might cut out coverage to compensation. Be sure to find a workers’ comp company that will work with you on this process.
You can talk through the different needs you have and how their coverage can assist you with that in an emergency. If you find something that’s in your price range, you’ll be more likely to stay with that provider long-term.
Remember, there are other ways to save on workers’ comp without sacrificing your coverage. You can bundle your insurance, and the longer you stay with one provider, the more savings you’ll receive.
3. Check Online Reviews
You’re looking for a workers’ compensation provider that you can work with for the long haul. As such, it’s always nice to see how they’ve treated previous clientele.
Be sure to take some time and check the online reviews for any workers’ compensation company that you’re considering. Read the comments to see whether previous and current clients are happy with the support they’ve received or not.
If you need further confirmation, you can also ask the provider for a list of references that you can reach out to.
4. Reach Out to Inquire
You’ve listed out the risks of your business. You’ve created a monthly budget to see what premiums you’re comfortable paying. Now it’s time to reach out to a workers’ comp provider to ask some questions.
Before you sign the dotted line on any policy, make sure to get a better feel for the coverage they can provide. Here are some questions to get you started:
- What does your workers’ compensation policy generally cover?
- Are there any recommendations you would make due to the industry I’m in?
- How many clients do you have that are in my industry?
- What does the process look like when one of my workers files a claim?
- How are you prepared to remove me (the employer) from the process when one of my workers is injured?
- Are there any discounts that you can give me? What discounts can I work towards after becoming a client with you?
- How should I notify you of the claims my employees make?
5. Request a Quote
Insurance companies can make you outrageous offers until they’re blue in the face, but you shouldn’t take their word for it unless they’re willing to put it on paper.
After you’ve asked the provider questions about their policy and the prices that they can offer you, make sure to ask for a quote. This quote should include all the discounts you discussed, as well as the details of the coverage.
A reputable workers’ comp provider will have no issues giving you a quote for the prices they discussed. This can help you gauge how credible the provider would be to work with.
How to Get Workers’ Comp Insurance: Find a Reputable Provider
As you’ve undoubtedly noticed in this article, the main priority is how to get workers’ comp insurance is finding a provider that you can trust.
Be sure to read this article for more information and an overview of the workers’ compensation requirements on a state by state basis.
For more inquiries, please be sure to start by filling out this online form for a free quote and we will be happy to assist you further!