Finding a Workers Comp Insurance Agent
Are you wondering whether you might be required to get workers comp insurance? You can talk to a lawyer about the problem. If indeed you do, then you'd be needing an agent or broker through whom you can purchase insurance necessary to protect your employees and your business.
Find out from our basic guide not only how to find agents but also to find good ones.
Almost all states require businesses with employees to have a workers compensation insurance. The specifics vary from state to state. There are some exceptions if the employees do not reach a certain number, but generally, it is required by state law to cover both employers and employees. Workers compensation insurance ensures that employees get paid for expenses incurred due to injuries or diseases sustained at work. It even pays for lost wages and expenses necessary in order for an employee to get back to work. As to employers, it covers them for risks that they may sustain if they are sued by family members of the injured.
There are several ways to find a workers comp insurance agent or broker. If you belong to a low to medium-risk business, you can go to The Workers’ Comp Service Center. There are information classified by states so that you get the information most relevant to you, particularly a list of insurers that you may contact to provide you with workers comp insurance. Or you can go to private insurers operating in your city. You can use the Net to find a list of them in the state insurance Web site or use the yellow pages. If you belong to a certain association, usually the organization will have a list of recommended insurance providers. Also, if you already have an existing insurer, you could ask about their workers compensation insurance package. You might even get a discount for getting this additional service.
If you belong to the high-risk category and you could not find an insurer willing to cover you, you may check with your state whether they have a State Compensation Insurance Fund.
Finding a workers comp insurance agent is fairly easy. But finding a good one may not be the same. Personal referral is often the recommended way. Ask around from businesses in your industry about their workers compensation insurance agent. You could also check insurers’ track record – whether they have been receiving complaints – from your state insurance regulator or similar agencies. Also check for experience and financial stability.
Once you have narrowed down your list to a few trusted and reliable insurance agents, it’s time to compare prices to get the best deal you can. You can try automatic quote generators from insurers’ Web sites. But better yet, you can call insurers in your short list and ask for their package. A good potential insurer will be someone who can give you the necessary information you need.
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