Every business in almost every state is required by law to carry workers’ compensation insurance. Numerous companies offer this coverage and quotes are easy to obtain online. You can save money by getting multiple quotes.
Purpose of Workers’ Comp
Workers’ comp provides money for living expenses, medical benefits and rehabilitation for any employee injured on the job. It can also cover a worker if he gets an occupational disease. It protects you from lawsuits resulting from the accident.
For example, if a worker lifts a piece of equipment and it falls and injures his foot, workers comp will pay the bills. On the other hand, he wouldn’t be covered by workers’ comp if he is on his lunch break, decides to throw a football around with friends and hurts his back.
Why Do You Need a Quote
If you already have workers’ comp, you may be alarmed that your rates are rising. This is a good time to check out other providers.
If your current agent is hard to get ahold of or doesn’t provide adequate answers to your questions, it is a good idea to check out the people representing other companies. You want one that can help you set up and implement an effective safety plan, the best way to keep accidents to a minimum and your rates low.
If you are starting a new company, you will need a quote to begin coverage. Ask established businesses what to look for in workers’ comp coverage and in agent skills.
How to Get a Quote
The more time you spend researching the costs and coverage of different workers’ comp policies, the better chance you have of saving money. Use a search engine to find workers’ comp quotes. Get several and check out those that offer the best coverage for the best price.
Read about types of policies available so you will have a way to judge the coverage provided in the different quotes. Check for the latest trends and requirements for businesses in your industry and your size. The more informed you are, the better choice you will make.
You want a reputable insurance provider. Ask other companies for suggestions. Look for information from trade organizations. Look for insurance company review sites that offer ratings.
This should further reduce your list. With the two or three remaining, set up a meeting at your office. Talk to the agent about how he can tailor the workers’ comp to fit your precise needs because no two companies are the same. One-size-fits-all is a poor way to buy insurance.