When looking for workers comp insurance, it can be a minefield. There are now so many products and services in the marketplace that knowing what is best can take lots of research and effort. As such, this article is going to cover the key points to look for when deciding on insurance. After reading this article, the various products should become clearer.
Note that there are certain states that require, by law, employers to have workers compensation insurance, even if they have just one employee. This should be noted and then checked to ensure that the business avoids any expensive fines.
Here are some of the important considerations to make when looking:
Competitive pricing – obviously, this will be high on the list of priorities when it comes to searching for this type of insurance. With so many insurance companies competing in the marketplace, it makes sense to shop around and look for premium discounts and policy dividends, amongst other perks. Search for offers at certain times of the year, as this is when the insurance companies are most competitive.
Cash flow assistance – this is something that is overlooked but it is important if money is tight, and a budget needs to be adhered to. Look for flexible payment plans and companies that offer low minimum payments. This criteria will be based on the individual situation and needs, but match companies based on similar packages offered to get a fair comparison.
Efficient claim handling – should a claim need to be made, the faster, and more efficient the process, the better. In terms of specifics, inquire into how many people will need to be contacted and who deals with such claims. A long, convoluted process is the worst possible experience when a claim is made.
Easy to contact support staff – finding the lowest cost workers comp insurance can often be the worst choice, as they fail to provide good a support system. In such cases, the low cost is a false economy and should be avoided in favor of more professional companies. The ability to contact support staff and have an easy-to-use system is important to clarify premiums, and especially when making a claim.
Health care – find those with a good reputation for working with healthcare providers to promote fast and high quality care.
Where to purchase insurance – insurance can be purchased via an agent or a broker licensed to provide and write policies in the state. The list can be found on the local government website. It is also worth checking with local trade groups as they are usually able to negotiate a special rate for their members.
When looking for insurance companies, always check the reputation of the firm in question. Find those with a track record in the industry and those that place importance on financial stability and fast, efficient claims handling. These are very important factors, and should come ahead of simply finding the cheapest premium available.