A Few Quick Tips to Help You Find the Best Workers Comp Insurance Company

Aug 22, 2021 | Business Insurance

Every company needs workers’ compensation insurance. Aside from the protection it provides, it is also a legal obligation in most states for businesses. As a business owner, it is your job to get the best workers’ compensation insurance for your employees. The quality of insurance coverage you will get depends on the insurance company. There are various factors you need to consider in choosing your insurance provider. Here are a few quick tips to help you find the best workers comp insurance company.

Tips to Help You Find the Best Workers Comp Insurance Company

A workers’ compensation policy protects employers and employees against workplace hazards. It provides medical benefits to cover the costs of an employee’s medical treatment in case of a work injury. It also provides disability benefits to pay for compensation claims. It is important to know your coverage needs and your financial capability before choosing a workers comp insurer. Here are some factors you need to consider in choosing the best insurance carrier for your workers’ compensation coverage.

  • Expertise

To get the best value for your money, get workers’ compensation coverage from a specialist insurer. Insurance providers that specialize in workers’ compensation have the following advantages:

  • Insurance Experts

They have agents expert in state workers’ compensation laws and regulations. Having an expert who understands the ins and outs of workers’ compensation guarantees that your company complies with state regulations. They can also advise business owners on how to avoid potential litigation and other costs related to workplace accidents.

  • Value-add programs

Specialized insurance carriers usually have a value-add program. This value-add program offers rewards for businesses with proactive risk-reducing safety programs.

  • Fraud prevention program

Specialized workers comp providers also have strong fraud prevention programs. Fraudulent claims have a significant impact on workers’ comp premium rates. A strong fraud prevention program helps business owners reduce the number of claims. Chubb and Employers have fraud and recovery specialists that investigate fraudulent claims.

  • Coverage Options

To get adequate protection for your business, choose an insurance carrier that offers multiple coverage options. Having coverage options allows you to choose the coverage suitable for your company. Some coverage options your business may need are the following:

  • Bundling options
  • Cross-state coverage
  • Pay-as-you-go options
  • Multiple states availability
  • Bundling Options

Most business owners need various insurance coverage to protect their business. It is more practical and convenient to bundle multiple insurance policies from the same insurance company. Bundling multiple insurance coverage provides discounts on premiums. It will also help in the smooth management of insurance policies as your insurance agent knows all your policies.

Insurance Policies Businesses Needs

Insurance Companies with Bundling Options

  • AmTrust Financial
  • Progressive
  • Liberty Mutual
  • The Hartford
  • Nationwide
  • Customer Service

Running a business is tiring and time-consuming, especially for a small business that doesn’t have too many employees. Insurance providers with accessible customer service will make your life so much easier. It is advisable to look for insurance carriers with a reliable customer portal and digital services where you can do:

  • Payment of premiums
  • Report accidents and injuries
  • Manage claims
  • Check reports like audit statements and claims history

Insurance companies must also have accessible insurance experts available whenever you need them. Insurance companies must have a team of insurance agents to address customers based on their needs. Look for an insurance company that has teams for:

  • Premium consultation
  • Underwriting process
  • Claims management
  • Safety and risk department

Travelers, Chubb, and The Hartford have online claims reporting and customer portals. Customer portals provide smooth access and transactions to customers. Online claims reporting made claims management more convenient.

  • Safety Resources and Support

It is important to partner with an insurance provider that has the same safety goals as you. Find an insurance carrier that provides up-to-date safety resources and safety support services. Travelers, Liberty Mutual, Employers, and Nationwide provide safety resources you can use to create safety policies and procedures.

  • Safety Reward Programs

There are some ways you can lower your worker’s comp premium rates. One of them is through the safety rewards program. Look for an insurance company that offers premium discounts for safety programs. 

  • Financial Capability

When choosing a workers’ comp insurance provider, consider its financial ability to pay claims. Workers’ comp policy protects employers in case of compensation claims and lawsuits. Make sure you get workers’ comp coverage from an insurance provider that can pay injured employee claims. You can check the financial strength of insurance providers from reputable rating credit agencies like AM Best and Moody’s.

  • Customer Reviews

When it comes to choosing an insurance provider, take time to evaluate customer reviews. The customer’s feedback will help you decide which insurance company to choose. Customer reviews may show the following:

  • Financial ability to pay claims
  • Speed of compensation benefits payment
  • Coverage options
  • Customer support
  • Claims Management Support

Accidents are inevitable. It is easier to manage employee’s claims with an insurer that offers claims management support. Effective management of claims keeps your Experience Modification Rating (EMR) low. Low EMR is vital in reducing the costs of workers comp premiums. A valuable insurance provider should have resources to help you handle employee’s injuries and return to work.

  • Telehealth

Telehealth is particularly beneficial for small businesses without occupational health nurses or doctors. Telehealth helps businesses manage workplace accidents and injuries. It helps identify injuries needing emergency treatments. Choose an insurance carrier that offers telemedicine, a nurse triage line, or a telehealth program. With telehealth, you can avoid unnecessary claim costs and helps lower EMR. 

  • Return-to-work

Temporary disability claims significantly increase EMR. It is important for injured workers to quickly return to work as claims close when employees return to work. Look for insurance providers with a return to work coordinator or program to help you plan your employee’s return to work. 

Insurance Carriers with Return-to-Work Coordinators
  • The Hartford
  • Travelers
  • Chubb
  • Employers
  • Money-Saving Endorsement

Some insurance providers offer endorsements that can help businesses boost workplace safety. Enhancing your workplace safety will save you extra money. Examples of endorsements are:

  • Post Offer Employment Testing (POET)

POET is a medical examination to tests the skills and physical capabilities of prospective candidates. It helps employers assess if the candidate is suitable to safely perform the job they applied for. Hiring the right people greatly reduces the incidents of workplace injury. 

  • Post-incident Drug and Alcohol Testing

Some insurance companies partner with diagnostic laboratories to provide businesses with affordable and convenient post-incident drug and alcohol testing. 

  • Telematics

Businesses with fleet operations will extremely benefit from telematics endorsement. Telematics uses tracking devices to track a vehicle’s location, speed, acceleration, and vehicles faults. Information gathered from telematics is useful in improving the safety of the entire fleet.

  • Cross-state Coverage

In some cases, employees need to travel and work in another state. Employees working in another state must have workers’ compensation insurance with cross-state coverage. Cross-state coverage provides continuous protection to employees working in another state. The Hartford, Chubb, and Travelers offer cross-state coverage. 

  • Flexible Payment Options

For small and new businesses, finances and cash flow may still be unstable. Getting a workers comp policy with flexible payment options is extremely helpful for small business owners. Insurance carriers like AmTrust Financial, The Hartford, and Travelers offer pay-as-you-go premium options. 

  • State Fund vs. Private Insurance Provider

Getting workers comp coverage from private insurance carriers provides more profit to business owners. Private insurance carriers have offerings that will save businesses extra money. 

Examples of Private Insurance Company Offerings

  • Premium discount programs 
  • Multiple coverage options, 
  • Accessible customer services
  • Free safety resources 
  • Wide Network of Healthcare Providers

Look for insurance carriers with a wide network of healthcare providers. A wide network of healthcare providers ensures your employees can easily get medical treatment in case of work-related injuries or illnesses. Insurance carriers with prescription drug features make it easier for employees to refill drug prescriptions. The Hartford partnered with more than 65,000 pharmacies for prescription drug refills. It also offers mail service options.

  • Business Industry Expertise

Investopedia evaluated major insurance companies that specialize in various business industries. They assessed these insurance carriers based on the following:

  • Business options
  • Transparency
  • Accessibility in getting a quote
  • Discounts offer
  • AM Best Rating

Based on the research they conducted, some of the best insurance companies this 2021 are:

  • Best for Retailers: AmTrust Financial
  • Best for Healthcare Professionals: The Hartford
  • Best for Professional Offices: Progressive
  • Best for Construction and Contractors: Nationwide

When it comes to choosing a workers comp insurance provider, you must first determine the level of protection your company needs. Every business has its own set of risks in the workplace. Businesses and insurance companies both want to achieve the same goal. This is to protect employees and businesses from workplace hazards. Get the service of an insurance carrier that understands the kind of protection coverage your company needs.

We represent numerous insurance carriers, including the ones mentioned above, to ensure we provide adequate and appropriate workers comp coverage to every business. We have excellent workers comp insurance experts to help get the best value rates for your business today.