How to Pick the Right Workers Comp Insurance Company
If you own a business, you need to hire a workers comp insurance company.
It doesn’t matter if you run a dangerous production plant or a small boutique, if a worker is injured on the job, you need to be prepared. According to the CDC, over 2 million Americans are injured on the job every year, and the next one could be at your business.
In this post, we’re going to help you choose the right workers comp insurance company for your business. It’s all about looking at insurance rates, policies, and your own needs, so keep reading, and we’ll ensure you’ve got yourself covered in the event of an emergency.
Look at Your Requirements
Since workers comp is administered at the state level, you’ll need to check your state’s workers comp requirements before buying an insurance policy. You have to comply with regulations in every state that you have employees working in, and your coverage will only apply to work within that specific state.
In most places, you need workers comp insurance if you have more than one employee. Texas and Oklahoma are the only states that don’t require businesses to buy workers comp insurance, and Georgia requires you to get it if you have more than three employees.
Not having workers compensation penalties can be harsh for small businesses. The rules are different everywhere, so read up and find the right type of business insurance.
Value Support
A good insurance company will have great customer service and support for its clients. You need to know they’ll be there when you have questions about claims, premiums, or workplace safety. Many companies have digital services for on-demand answers, but they should give you a dedicated agent to work with also.
Providing resources to help you keep the workplace safer is in the best interest of your business and your insurance company. Support should be in place to help you manage risk and prevent workplace injury. When an injury does occur, you need to know claims management support will be there to guide you.
Find Out About Credits
How much your premiums are will factor into which insurance policy you end up choosing. There are things you can control and things you can’t, so it’s always good to ask about discounts and credits that you can take advantage of.
Sometimes you can lower your premiums by implementing workplace safety programs, exempting yourself as the owner, and other formal training programs.
Choosing Correct Class Codes
A class code is a number assigned to a particular job duty in order to better classify employees. Some businesses have one class code for all employees, and others may have several.
There are 800 class codes to choose from, so find an insurance company that can help you figure out which ones to assign to your employees. This can help you get the right coverage at the best price.
Find Your Workers Comp Insurance Company Today
Now that you know what to look for in a workers comp insurance company, you can find one for your business today. As long as you’ve got a good insurance policy in place, you’ll always be protected in the event of an injury.
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Ben Stern wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
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