What to Consider Before Buying Workers’ Comp Insurance

0
421

It’s what every employer dreads! One of your employees had an accident at work and needs medical attention. No matter how well you train your employees, accidents happen.

But, paying out on a workers’ compensation claim can cost an arm and a leg. The cost of all the claims made between 2017 and 2018 averaged over $41,000 for one claim! That’s why you need workers’ compensation insurance.

But, with so many insurance providers vying for your business, how do you know which company to choose? Keep reading to learn our favorite tips for buying workers’ comp insurance.

Resources and Support to Keep Employees Safe

The main goal of your workers‘ compensation company should involve keeping your employees safe. To that end, they should have some resources and support programs to encourage safe work habits.

Workers’ Comp Insurance Rewards

Some companies offer a reward program if you go so long without any reports of injuries. Often they will offer several thousand dollars or equipment reimbursement for reaching certain safety goals. Not taking advantage of these programs is like leaving free money on the table!

Pay as You Go

Most of the time, you’ll pay for workers’ compensation insurance as a lump sum at the beginning of the year. The fee you pay depends on your audit from the end of the year prior.

Another way to pay is to pay-as-you-go. In this case, you pay for the insurance each month along with your payroll. Check out this article for more information about pay-as-you-go workers’ compensation insurance.

Quality Customer Service

Have you ever dealt with a company that had poor customer service? It makes an already difficult situation even worse!

Make sure you reach out and make sure that your chosen company has decent customer service that won’t make you pull your hair out. You’ll thank yourself later.

Claim Management

If someone gets injured, you’ll want a good claims management team to help keep the price tag as low as possible. Doing this helps keep your insurance premium down the next year.

Their job isn’t too cheap out or to get out of paying medical bills. A good claim manager will make sure both the company and the employee get the best possible outcome.

You Hope Not To Need Them, but Choose a Company That Can Help When You Need Them

No one wants their employees to have accidents and get injuries on the job. But, it does happen from time to time regardless of the precautions you take.

The key is to choose a company that will have your back in case an employee files a claim but also not charge an arm and a leg. But, resist the urge to go for the cheapest company because they may also offer subpar service when you need them.

We hope you enjoyed reading this article and that you learned a few tips for buying workers’ comp insurance. For more helpful articles about insurance, finance, business, and much more, check out the rest of our blog today!