5 Step Guide to Choosing the Best Business Insurance for Workers Comp

Feb 11, 2020Blog0 comments

With 90% of businesses being involved with lawsuits at some point or another, if you’re not insured, one case could tank your business. Instead of waiting for the inevitable to happen, buying the best business insurance can control your liability and keep things running. 

Here are five things to expect when you’re shopping for the best insurance around. 

1. Expect Great Service 

When you need help from your service provider, you should be able to get it. It shouldn’t be hard to access them with questions about premiums, workplace safety, or how you can deal with claims. 

Look for companies that offer digital services that allow you to do things on your schedule. Being able to deal with your worker’s comp policy on your own schedule is vital. A customer portal that allows you to pay bills, file reports, manage claims, and look at previous reports can be more vital than companies realize. 

You should be able to also get your hands on a real agent who can help when you need it. A 24/7 helpline can go a long way in allowing you to get the service you need. If you operate a facility that has people on staff 24 hours a day, you need to have an agent available. 

Look at the whole team before you sign on with someone. You’ll be passed around from your one point of contact to people who work in claims, consultation, safety, and risk departments. If you get to know people there now, you can ensure that you know who to talk to later on. 

2. Expect Expertise 

It’s not your job to be an expert in the insurance industry. That’s what you’re paying an agent for. Many companies also provide other types of insurance which means that workers comp might not be their number one type of policy. While this is important to keep their own door opens and your premiums low, you need expertise. 

Talking to an experienced and specialized insurance provider is going to end up saving you. The people working there not only understand worker’s comp insurance but they have a handle on how they interact with local regulations. They know how to help you avoid lawsuits and other additional costs. 

Rather than always being paranoid about an accident happening, put your mind at ease and allow your agent to help you understand how to mitigate risk. With value-added programs to reward proactive risk mitigation, you could save big on premiums. 

Specialized insurance providers give you the chance to also avoid fraud. Their offices are filled with experts who’ve seen a little bit of everything and know how to deal with it. 

3. Ask About Ways to Keep You Safe 

With resources and support, a great workers comp provider should be able to keep your employees safe. When you’re operating a safe workspace, it means you’re making fewer claims. Fewer claims and fewer injuries make everyone’s lives much better. 

The consequences of unsafe workspaces are too high to take a risk on them. 

They have access to hundreds of tools and safety resources to protect you and your employees. With simple safety policies and materials to post around your workplace, you can stay ahead of mistakes and bad choices. 

They should also provide you with access to safety and risk management. These support services can help direct your safety consultants. With those consultants looking over your shoulders, they might even be able to find unforeseen ways that you are making the workspace unsafe. 

A consultation from an insurance agency can be eye-opening. 

4. Expect Rewards 

When you’re working hard with your staff to stay safe, it only makes sense that you should be able to be rewarded. Since most premiums are made based on payroll, when you show that safety is a high priority for you and your company, you may be eligible for rewards. 

Safety dividends, discounts, or policy expansions are all possible when you stay safe. Documented safety policies, a return to a work training program, and regular safety training for all staff is one way to save. 

Safety grant programs are another way to save. Some insurance companies will give you matching funds if you’re willing to invest in safety equipment. If you really put safety first, isn’t it time to be rewarded for that? 

5. Expect Endorsements 

Along with the programs that you get in-house, carriers that offer endorsements through third parties should be put to the test. You could improve safety, save money, and introduce new concepts to your staff 

Rather than just throwing an employee into work not knowing their capabilities, consider “post-offer employment testing”. After they’ve been screened, see if they’re capable and that they’ll work safely. Have them perform a few regular tasks and see that they do it safely and carefully. 

If you’re willing to put into place a drug and alcohol testing policy, you might not be popular with employees but you might do well with insurance companies. 

Post-incident testing should be done whenever you have an accident. That’s vital to ensuring that someone who was injured is represented accurately. However, you need to decide carefully whether or not it’s viable to have broader testing. 

Insurance companies can help you foot the bill and bring down premiums for these programs. 

The Best Business Insurance Should Fit Your Needs 

Searching for the best business insurance requires you to know what your liabilities are. When you’re talking with an agent, they should be honest with you and let you know what you need to stay protected. 

Check out our guide to find out the ten benefits you need to be taking advantage of with your insurance.