Did you know that there are nearly three million work-related injuries every year in the United States? If you’re an employer, it’s probably in your best interest to have workers compensation. In fact, you might even be legally required to have it.
But with so many workers comp options out there, it’s easy to get overwhelmed. Luckily for you, we’re here to help. So keep on reading and we’ll help you find the best workers comp insurance for small business.
1. Evaluate Business Insurance Offerings
You might be able to get workers comp through a private business insurance company. Different insurance companies are going to come with different benefits and offerings.
Some insurance companies will give you an online portal to communicate with online representatives. An insurance company might let you pay each month instead of each year, making it easier to manage your cash flow.
Other companies give policyholders the ability to pay premiums through a payroll provider. Some private business insurance companies will take part in a pharmacy benefit management program to help manage costs.
2. Get Multiple Workers’ Comp Quotes
Workers comp can end up eating into your bottom line. This is why you always need to compare quotes from several companies if you want an insurance policy that is effective and affordable. There are a lot of factors that can affect how much workers comp insurance is going to cost you.
When it comes to workers comp insurance policy, you’ll need to think about coverage levels. Your state might require a specific amount of coverage. You also need to know who is covered by your workers comp policy.
You can find more information here.
You’ll also need to think about the kind of work that your employees are engaging in. Some industries are more prone to accidents than others. A construction worker is going to be more vulnerable than a banker.
Annual payroll is another consideration. Workers comp costs are calculated per $100 of payroll.
Lastly, you’ll need to think about claims history. If you have a low number of claims in the past then that could work to your benefit when shopping around for policies.
Focus on Safety
Your premium will at least be partly determined by risk classification codes and state laws. By emphasizing safety throughout your work operations, you can minimize the chances of injuries and keep your policy costs down.
The fewer claims you have, the more affordable your insurance will be.
Choose the Best Workers Comp Insurance for Small Business
Hopefully, after reading the above article, you now understand what information you need to choose the best workers comp insurance for small business. By knowing how to get workers comp insurance and what to look for, you can find the right policy for your business.
Make sure to check out the rest of our site today for more helpful articles!