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How To Choose The Best Workers Compensation Policy For Your Business

With more than 5,000 workers fatally injured at work every year, it’s important your company is adequately protected from the everyday dangers at work. And, you need to make sure you are protecting your employees as well as your company when you purchase workers compensation insurance. When you’re looking for a workers compensation policy, your insurance broker will be your guide to choosing the appropriate policy.

Workers compensation insurance is paid by every company to ensure when employees suffer an injury, they’re able to pay their bills. If you happen to be in a high-risk industry, additional workers compensation coverage is a must.

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When you’re looking for a policy, be sure to consider these 5 factors.

1. It Should Be Scalable

When you sign up for a workers compensation policy, you need to have one that scales to the size of your business. If you only have 10 employees now, a sudden increase or steady growth should be easily accommodated by your policy. The ideal policy would become cheaper as you add more employees rather than more expensive.

It should also scale as you made more money and needed to protect your assets. It should allow you to become no more vulnerable than it does from day one.

It should also scale as your industry scales. If you were once only serving a small local market, you should be covered even if your employees start traveling abroad or to far-off locations.

2. You Should Have a Dedicated Agent

When your business signs up for an insurance policy, you’re looking to create a strong relationship that will hopefully last for decades to come. If your insurance provider understands that, they should be excited to begin this relationship. They should respond by providing you with a broker who is dedicated to your company.

Rather than calling a dreaded 800 number and having to speak to whoever is available, you should have a direct line to your company’s own agent. Save-On Insurance Services offers a toll-free number as well as a local number to call for assistance… 310-474-7283. And, when shopping the best workers compensation policy for you, Save-On Insurance will help you find a reputable company with high standards of communication and service.

When you have an issue, you should be able to get your agent on the phone quickly and start to hammer out the details of the problem immediately. You can’t afford to wait on hold when your business is in jeopardy.

Having a dedicated agent means when you’re dealing with a workers compensation issue, you have someone who cares. Having someone who knows your business can be the difference between having a policy that protects and one where you’re left feeling vulnerable.

3. It Needs Details Relative to Your Industry

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Every industry has its own specificities and vulnerabilities. This is especially true when you’re considering a workers compensation policy.

While many generic policies can work for a standard office or commercial property, other industries will need to have something different available. You need to have a policy that can adapt as your industry changes. If things become volatile, your policy needs to be prepared.

If you work in manufacturing or construction, your workers compensation policy will need to be more comprehensive than for a tech company. You’ll need to protect injured workers, workers that injure others, and any unsafe working conditions. You’ll need to ensure that you’re protected in the case anything out of your control takes place on the work site.

Ask your insurance agent about what other people in your industry are using. They should be able to make a recommendation that leaves you feeling relaxed about conditions in your workplace.

4. You Should Be Paying Relative to Your Industry

If you’re not in one of those high-risk industries, you shouldn’t be paying a huge amount for your workers compensation policy. You should have something that covers for basic injuries without having to worry about something like hazardous waste if you’re not handling any.

Make sure your agent has combed through your policy to make sure there are no unnecessary extras in the policy. Walk them through what you do in case they don’t fully understand your business, its systems, products, services or processes. Make sure you’ve given them a comprehensive idea of what your company does from day-to-day.

Ask colleagues and other business owners what they pay for their policies. There’s a good chance a simple misunderstanding could be causing you to pay thousands more than you should be for your policy, however, understand your colleagues (or competition) may not be adequately covered and therefore could be paying on an inadequate policy. Make sure you’re actually comparing apples-to-apples before jumping to conclusions and be willing to have a frank conversation with your agent.

5. Your Company Should Be Protected from Suits

The core idea of your workers compensation policy should be to protect your workers. By protecting your workers via insurance, you should be protected from any lawsuits that could harm your company. As everyone who is injured will be protected by your policy, you shouldn’t have to deal with extraneous damages.

Have your lawyer review your insurance policy before you decide on it. There could be gaping holes that could leave your business vulnerable to losing money in the case of a claim.

Your worker’s compensation policy should protect you from penalties for claims made. Unless your work environment has suddenly become extremely unsafe, there should be no reason for your premiums to skyrocket after a claim.

If your insurance company notices there are is a sudden spike in the number of claims coming from your company, they may investigate. This is perfectly normal and no cause for alarm. Your premium should remain stable.

A Good Workers Compensation Policy Should Be a Relief

If your workers compensation policy causes you stress, it’s time to get a new one. Your policy should put your mind at ease, knowing everyone is protected in case of injury and that your company won’t be undone by one mistake. The key is communicating with your agent as much as necessary.

If you’re curious about what other details to look for in a workers compensation policy, check out our guide for the rundown. Then contact Save-On Insurance Services for a complimentary review of your policy and discuss your options.