You’ve figured out that you need workers’ comp insurance for your small business. Now, how do you know where (and how) to start looking for a trusted insurance provider? Navigating the complicated maze of workers’ compensation insurance offerings can seem overwhelming. Don’t fret. With a few tips for how to find the best workers’ comp insurance for your small business, you’ll be well on your way to getting the coverage that fits your needs.
To find the best workers’ comp provider for your business, look for a company that:
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Is designed specifically for small businesses. If you have a small business—but choose to get workers’ comp insurance from a company that serves large businesses as well—you might face higher premiums. This is because you’ll be mixed in with businesses that could carry much greater risk. Additionally, insurance providers that are catered to small business needs can offer you the professional attention you’ll need as a busy entrepreneur.
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Offers an easy, fast online quote. This way, you’ll be able to quickly get an idea of what you’ll be paying to protect your valued team members. Also, you’ll be saving time and resources you could then put toward the many other projects on your plate.
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Features competitive pricing. Every penny counts when you’re a small business owner. The best small business workers’ comp insurance providers know that, and they work to find you optimal pricing.
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Offers insurance that is A- rated or higher. Insurance rating organizations, such as A.M. Best, rank insurers on their financial strength. Be sure to find a company that backed by an insurer with at least an A rating.
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Has great customer service reviews. Check out online reviews about the company. How are customers treated over the phone or online? Are the agents helpful, knowledgeable, and friendly? How easy is it to get a quote? How about obtaining a policy? Getting ongoing support?
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Receives industry accolades. One way to measure a small business workers’ comp provider is to see what the industry thinks of them. Do they have awards or endorsements? A visible presence in the field?
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Provides educational content and resources. The workers’ compensation process can be confusing. It’s a bonus to find a company that offers you plenty of educational resources and online content. That way, you won’t have to exhaust time filtering through the internet to find what you need.
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Has a simple claims process with ongoing claims management. The last thing you need to deal with is confusion when one of your valued team members is injured. Find a company that offers an easy way to file a claim and provides the support you need to effectively deal with what could otherwise turn into a crisis. Look for a company that also offers access to a healthcare professional around the clock.
Thanks for reading! Please note that this content is intended for educational purposes only. As laws change regularly, you should refer to your state legislation and/or an advisor for specific legal counsel. If you’re a small business owner, learn more about workers’ compensation or check your current rate in 3 minutes.
