Every company needs workers’ compensation insurance. Aside from its protection, it is also a legal obligation in most states for businesses. Furthermore, getting the best workers’ compensation insurance for your employees is your job as a business owner. In addition, the quality of insurance coverage you will get depends on the insurance company. What’s more, 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. Moreover, it also provides disability benefits to pay for compensation claims. Knowing your coverage needs and financial capability is essential before choosing a workers comp insurer. You must consider some factors in choosing the best insurance carrier for your workers’ compensation coverage.
Expertise
Get workers’ compensation coverage from a specialist insurer to get the best value for your money. Insurance providers that specialize in workers’ compensation have the following advantages:
Insurance Experts
They have agents who are experts 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. In the same way, this value-add program offers rewards for businesses with proactive risk-reducing safety programs.
Fraud prevention program
Specialized workers comp providers also have vital fraud prevention programs. Moreover, fraudulent claims significantly impact workers’ comp premium rates. In addition, a robust fraud prevention program helps business owners reduce the number of shares. 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 businesses. Moreover, bundling multiple insurance policies from the same company is more practical and convenient. Furthermore, 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
- Workers Compensation Insurance
- Business Liability Insurance
- Commercial Properties Insurance
- Business Income Insurance
- Commercial Auto Insurance
- Errors and Omission Insurance
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 with fewer employees. Insurance providers with accessible customer service will make your life so much easier. What’s more, it is advisable to look for insurance carriers with a reliable customer portal and digital services where you can do the following:
- 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. In addition, insurance companies must have a team of insurance agents to address customers based on their needs. In the same way, look for an insurance company that has teams for:
- Premium consultation
- Underwriting process
- Claims management
- Safety and Risk department
Travelers, Chubb, and Hartford, have online claims reporting and customer portals. Moreover, customer portals provide smooth access and transactions to customers. Furthermore, 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. Consequently, find an insurance carrier with up-to-date safety resources and support services. Moreover, 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. Also 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. Furthermore, ensure workers’ comp coverage from an insurance provider that can pay injured employee claims. Moreover, you can check the financial strength of insurance providers from reputable rating credit agencies like AM Best and Moody’s.
Customer Reviews
When choosing an insurance provider, take time to evaluate customer reviews. In addition, 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. Managing employees’ claims with an insurer offering claims management support is easier. Moreover, effective claims management 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 the resources to help you handle employees’ injuries and return to work.
Telehealth
Telehealth is particularly beneficial for small businesses without occupational health nurses or doctors. Furthermore, 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 help lower EMR.
Return-to-work
Temporary disability claims significantly increase EMR. It is essential 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 plan your employee’s return.
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 test prospective candidates’ skills and physical capabilities. It helps employers assess if the candidate is suitable for safely performing the job they applied for. Hiring the right people dramatically 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 significantly benefit from telematics endorsement. Telematics uses tracking devices to track a vehicle’s location, speed, acceleration, and vehicles faults. Information gathered from telematics helps improve 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 remain 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 vast network of healthcare providers. A vast 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. 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
- Second, best for Healthcare Professionals: The Hartford
- Best for Professional Offices: Progressive
- Best for Construction and Contractors: Nationwide
When 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 you get the best value rates for your business today. Call us today at Team AIS here in Denver, CO, now!