What To Consider When Selecting A Workers Compensation Insurance Provider
Posted on: 28 July 2023
Workers compensation is designed to protect your company from the financial risk when an employee is injured at work. As a business owner, it is up to you to select the best workers compensation insurance provider for your needs. Here are some factors that you should consider when selecting an insurance provider.
The Coverage They Offer
Your state will have minimum requirements for workers compensation insurance, which includes disability benefits, wage replacement, and medical expenses. However, there is additional insurance that you can purchase that may be specific to your business. Thai includes coverage for various occupational diseases that don't normally affect most businesses. For example, construction workers may be exposed to asbestos and need specific coverage for the medical complications that could happen.
The Company's Customer Service
It's important to consider what the experience will be like if you need to use your workers compensation insurance. You want a provider that has a great reputation for dealing with insurance claims and handles them in a professional manner. This could include things like having a dedicated employee assigned to your case, or simply positive reviews on how the company helped and did not hinder the claim.
The Premiums
Premiums shouldn't be the only factor that you look at, but you definitely do not want to pay more than you have to for anything in life. It's worth getting several quotes from different insurance providers so that you can compare them all. Just make sure that you get quotes for similar policies since you want an apples-to-apples comparison if you are looking at the premiums.
The Healthcare Network
Workers compensation insurance is much like using a different form of health insurance, which has its own network of accepted doctors, hospitals, and medical facilities. Your employees likely won't be able to use the doctor from their existing health insurance, and you want to make sure the network that is provided will work for them.
The Risk Management Assistance
It's possible that your workers compensation insurance provider will also offer risk management assistance. This involves the provider assessing your business for potential safety risks, and making suggestions about what you can change to improve safety. The goal is not just to save money, but to keep your employees safe. If there are things you can do to create a safer working environment, then it will make sense to do what you can for everyone's best interest.
For more information, contact a workers compensation insurance provider near you.
Share