Purchasing workman’s comp insurance for your business is a solid investment. Not only does a solid policy bring in more qualified employees, it helps to protect your business should someone be injured on the job. Of course, the benefits are only available if you choose the right policy.
Know the Law
Every state has its own laws regarding the amount of workers’ compensation coverage you need. Some states won’t require it at all and others only require you to purchase a policy if you have a certain number of employees or operate a specific kind of business. Still other states require every business purchase a policy. Even the amount you need will vary according to where your business operates.
Have a Safety Plan
Naturally, you want to prevent accidents from happening even if you have a compensation policy. Create a strong safety plan that protects you and your employees. Doing so may allow you to find a more affordable policy or earn other discounts.
Review Your Policy Annually
As your company expands or downsizes, your policy needs may change. Reviewing your policy with your agent once a year ensures you always have enough coverage but aren’t paying for more than you need.
Most importantly, choosing the right workman’s comp insurance requires a qualified agent. Only purchase from someone who is licensed and experienced in providing insurance for businesses.