It’s not easy figuring out which workers compensation plan is right for you and your company. There are seemingly endless options available, so it can be difficult to know where to begin. You don’t have to be an expert – though working with an expert workers compensation insurance broker won’t hurt – but a little bit of planning and research goes a long way in ensuring that you are properly insured. Here are a few tips to get you started.
1. Hire a Broker
Hiring a workers compensation insurance broker is not a mere suggestion, it really should be your top priority. Brokers use their knowledge and experience to sift through the various policies to identify the ones that offer the coverage the fits your specific business and its needs.
2. Familiarize Yourself with State Regulations
Each state has different requirements regarding the type and level of coverage you are obligated to offer your employees. Understanding these regulations will help you make sure that your policy fulfills your legal obligations.
3. Understand What Is and Isn’t Covered
When you are narrowing down your choices, make sure that you fully understand what the policy will and won’t insure. If it doesn’t seem to cover the occurrences most likely to affect your business, it’s not even worth considering.