How To Choose Workers’ Compensation Insurance

As a business owner, you want to be sure that your company is as protected as possible. This means ensuring that you have coverage in place should one of your employees be injured on the job. Finding the right workers compensation policies is essential.

Know What Your State Requires

Every state sets its own requirements regarding how much workers’ compensation insurance a business needs to carry. It may even vary depending on the size of your company, what industry you’re in, and how many people work for you. Understanding what’s required of you before you buy a policy is vital.

Work With a Reputable Agency

If you don’t already have an insurance agent for your business, do your research before signing on the dotted line. Choose an agency that is already experienced in providing insurance to businesses and that understands the state’s workers’ compensation regulations. Good reviews and excellent customer service are a must.

Learn What Your Policy Covers

You need a strong understanding of what your policy covers. It typically has two parts: one that covers bodily injury by accident and one that covers it by disease. The benefits are paid regardless of who is at fault unless the employee was engaging in criminal activity such as illicit drug use.  

Even if you are not required to have workers’ compensation insurance, it’s a good idea to get a policy as soon as you hire your first employee. This way, you can be sure that your business is protected.