Top 10 Considerations When Choosing Worker’s Compensation Insurance for Your Company
What is the most valuable resource in your company? Without question – it’s the employees. A business will only be as strong and stable as the people who make it run.
Great ideas, products, and services need great people to deliver them. If you want quality people on your team, you must offer a benefits package that demonstrates your appreciation of them.
Researchers have found that 82% of potential employees say that the benefits employers offer are a significant factor when choosing a job.
Workers’ compensation insurance is one of those key considerations.
The Challenge of Inadequate Worker’s Compensation Insurance
Did you know that it costs significantly more to hire a new employee than retain your current staff?
If someone were to get injured on the job – and was well cared for – by the worker’s compensation insurance package you offer, everyone will benefit.
Your staff will have greater confidence in your desire to care for them. This in turn will increase morale and even company loyalty.
However, if people get injured on the job and are not taken care of, that too will have cascading implications.
And it won’t be positive.
Worker’s Compensation Packages that Work for You!
Providing a quality benefits package that includes workers’ compensation insurance is key to giving your employees the peace of mind they need to perform their job with excellence.
Here are the top 10 factors business owners should consider when choosing a workers’ compensation package.
10: Legal Compliance of Worker’s Compensation Benefits
States and jurisdictions have different requirements for worker’s compensation benefits for companies with employees.
This can vary by industry, number of employees, number of hours worked, and more. Our providers at The Hartford also warn of the following penalties for companies that do not provide adequate worker’s compensation insurance:
- The number of employees working for you. In most cases, the fewer employees you have, the smaller the amount you have to pay.
- The reasoning behind your lack of coverage. If you intentionally lie about the amount of employees you have, then you may have to pay a higher fine.
- How long you’ve been without coverage? Courts and your state’s workers’ compensation board can look at how long you’ve gone without insurance. In some states, there is an amount you pay for each day without coverage.
If you want to know the specific worker’s compensation laws for your state, we’ve got you covered. Click here!
9: Coverage and Benefits of Worker’s Compensation
What injuries will be covered and to what extent? That’s the question. It will be helpful to arrive at a conclusion that will do right by your employees – and their loved ones.
Here are a few factors to consider when determining the coverage and benefits of your worker’s compensation package:
- Medical expenses
- Rehabilitation costs
- Mental health/therapy expenses
- Lost wages
8: How Much Will Worker’s Compensation Coverage Cost the Company?
Evaluate premiums and compare quotes from different insurance providers to find the most cost-effective option without compromising on coverage.
Factors affecting the cost include the type of industry, past claims history, employee classification, and safety record.
Even though benefits are not salary, it all must be considered when determining your company’s bottom line.
7: Worker’s Compensation Insurance Provider’s Reputation:
Just like your company, insurance companies have a track record. Don’t settle. With over 30 years of experience, The JFA Team knows who will be your ideal worker’s compensation insurance provider.
We can connect you with a reliable company that has a strong track record of handling claims efficiently and providing excellent customer service.
6: Experience Modifiers:
Insurance providers adjust premiums based on an employer’s past claims history.
If you have a good safety record and low claim frequency, you may qualify for lower premiums through favorable experience modifiers.
5: Industry-Specific Worker’s Compensation Insurance Considerations:
Different industries have unique risk profiles, and insurers may specialize in specific sectors.
We can help you determine which insurance providers are experienced in your industry to ensure they understand the specific risks and provide tailored coverage and services.
4: Claims Management Support From a Worker’s Compensation Insurance Provider:
If one of your valued team members is injured on the job, the last thing you want is an insurance company dragging its feet to give you the support that you need – and paid for.
The team at JFA Insurance Brokerage and Associates knows who has a reputation for taking care of their clients. We will ensure you’re connected with a provider who communicates well, compensates quickly, and values your business relationship.
3. Additional Services From a Worker’s Compensation Insurance Provider:
Some insurance providers offer additional services such as safety training programs, risk management consultations, and loss control services.
Ask about these value-added services when choosing an insurance provider. Preventing accidents is better than recovering from them!
2: Agency Attentiveness
When was the last time you checked to see if you’re getting the best deal on your cell phone plan?
Perhaps more importantly – when was the last time your cell phone provider reached out to let you know they could lower your monthly payments and put you in a better position?
It’s rare. But it shouldn’t be. Especially with your worker’s compensation insurance provider.
They have industry insight that you don’t. Your provider should be looking out for you. You’re paying for it. You deserve it!
1: Flexibility and Customization of Your Worker’s Compensation Plan:
Personalization is the name of the game today. As your company grows through different seasons, your insurance needs will change.
Don’t get stuck in a contract or relationship where you’re unable to pivot your worker’s compensation insurance plan.
Different companies within the same industry may have different needs for their worker’s compensation insurance. Make sure the provider you choose can adjust your plan to meet your needs as they change.
Work With a Worker’s Compensation Insurance Broker You Can Trust!
JFA Insurance Brokerage and Associates is here to help you secure the coverage you need to care for your employees well.
Proper coverage from a trustworthy provider is not something you should compromise. Reach out today and receive a free quote!
If you’re not ready for a quote and just have some questions, that’s no problem for us! Drop us a line and we’d be happy to help you process your questions.
Your best days are ahead. We can insure you get there!
@philip@elixircreative.com – hello again! Here’s the second blog for JFA for the month. Let me know if you have any questions.
Thanks!
_Assigned to Philip Alexander_