A Few Quick Tips to Help You Find the Best Workers Compensation Insurance Company PART 5

Finding the Best Workers’ Compensation Insurance Company

Employers or business owners have a responsibility to compensate their employees and provide them a safe work environment. However, even with the most thought-of precautions, accidents may still happen to result in not just lost productivity but even life at the extremes.

This is the reason why employers are better off getting a Workers’ Compensation to secure their business and their employees. Not only because it is mandated by law, but also for humanitarian and practical reasons. Getting this coverage actually prevents an employer from paying exorbitant medical expenses.

According to the National Safety Council, “Workers’ Compensation Costs”, the average compensation claim per worker is around $40,051.00.So what are the major points an employer should consider when looking for a “best” workers’ compensation insurance company?

Track record

This refers to the insurance provider’s number of years in business and the volume of cases and clients they successfully served.

Coverage of contracts

Do not go for the temptation of choosing the cheapest policy and sacrifice the quality of the policy coverage. Many insurers may offer parallel pricing, but be very keen on making sure that the most standard contract requirements are met.

Tailored coverage

Policies are made based on the need of each business. Specific risks and demands of the particular field and industry are taken into consideration in developing a program for each business. An example of this is given for general liability, professional liability, and umbrella insurance with the possibility of bundling policies at a discount.

Premium option

A good insurance company should also have the best interest of the business owner in mind. One program is helping a business owner find ways to reduce the premium he is paying for his company’s Workers’ Compensation benefits.

It could be as simple as Informing the business owner about what the assigned risk plans or pools are all about. It could be information on a second injury plan or even options like monthly payment of insurance premiums to help the business stretch and manage their cash flow better.

Employee classification

Some states do not require coverage for less than two employees and some limit coverage to full-time employees alone. The state of Colorado, on the other hand, requires businesses with one or more employees to provide work comp coverage. regardless of whether they are full-time or part-time. A company’s sole proprietor, corporate officers, and limited liability company members may also elect to enroll themselves in this program or not.

Responsiveness

In emergencies, easy access to the insurance provider is always most appreciated.

Help desk and agents

Clients expect front liners to be knowledgeable about their programs and have the heart to provide the best service to their client partners. Nothing is more distressing than connecting to an impassioned and disinterested agent or help desk person.

Real-time online quotes

A good insurance company should be able to provide both an online and offline portal where clients may request for quotation. A real-time platform gives the employer an option to have his policy activated immediately and get coverage for his team right away.

As they say, people do not care how much you know, until they know how much you care. Employees as teammates are more likely to give back to their organization if they feel they are cared for as well.