How to Get Workers’ Comp Insurance | Workers' Comp 101

The trouble with buying workers’ compensation insurance is that the process can quickly become a complicated and time-consuming investment. This is especially true for small business owners who are notorious for burning the candle at both ends. Sound familiar?

You may be a new business owner researching workers’ comp insurance for the first time or an established small business owner shopping around for a new policy. Either way, it’s wise to consider how to find the best insurance to protect your business and your valued team members.

Steps for getting workers comp insurance

1. Find out the workers’ compensation insurance options in your state.

Depending on the state you live in and your business assets, you may have different options for obtaining coverage. Most business owners choose to go with private workers’ compensation insurance companies, but there are also state-funded programs in some locations. In certain states, businesses can even qualify for self-insurance if they have enough financial backing.

2. Decide what qualities you want in a workers’ comp provider.

Would you rather get your estimate and policy from a representative online or sit down with someone in a brick and mortar location? Do you want to work with a company catered to small businesses or one that serves businesses of all sizes? Do you value working with experts who will guide you or would you rather do your own research?

3. Gather details about your company.

Once you’ve narrowed down your selection to your preferred workers’ compensation insurance providers, organize the following information so you’ll be ready for either an in-person, over-the-phone, or online quote:

• Name and description of your business

• Federal employer identification number (FEIN) or social security number (SSN)

• Business structure, i.e. limited liability company (LLC), corporation, or partnership

• Desired start date of coverage

• Location of business

• Number of location(s)

• Number of employees

• Annual payroll based on location and job type

• Workers’ comp claims history (also called loss experience)

4. Get your quote and make a decision.

It’s that easy. Remember, depending on what helps you streamline your processes, the right workers’ compensation insurance provider is out there. It’s merely a matter of finding them. A bit of planning and consideration can save you valuable time and resources.

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 insurance or check your current rate in 3 minutes.