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Use a Wholesale Broker to Purchase Your Workers’ Comp Coverage

If you’ve had difficulty locating and purchasing worker’s comp coverage for your small business, you’re not alone. Many small firms find navigating the insurance marketplace a challenge due to carriers become increasingly selective in the clients they will serve. Some family-owned businesses or those with less than 50 employees may have even more difficulties locating a carrier or face exorbitant rates.

However, wholesale workers’ compensation brokers can be indispensable in shopping for coverage. Brokers have the power to access wider markets, giving them more options from which to choose. This access permits them to quickly find carriers and policies ideal for small business owners, and even industry-specific plans. A broker can spare you the time and frustration of conducting these searches on your own. Additionally, brokers can also keep up with state-level regulatory changes much easier than you can, permitting you to focus more on conducting business and less on shopping.

More business have started using wholesale workers’ compensation brokers to obtain the types of coverage they need. However, it’s useful to think of your whole occupational safety picture instead of just focusing on insurance. In addition to catering to your insurance needs, a full-service firm may also be able to help you with safety programs and compliance with Occupational Safety and Health Administration regulations, as well as addressing fraud and abuse.

2 Qualities You Want to See in Workers Compensation Brokers

When dealing with brokers to negotiate an insurance policy, you want to be certain you are dealing with the best. While every business owner’s needs are going to differ, there are key qualities you want to see in all workers compensation brokers you deal with. This will ensure you get the best workers comp policy possible.

1. Understanding

You do not want a broker who just tries to sell you a policy without knowing everything you need. Pay attention to how the broker treats you during a consultation. Does he or she actually listen to your needs and concerns? An excellent broker will listen to you diligently and then offer a policy that works ideally for you.

2. Comprehensive Knowledge

A good broker should do more than just sell you a policy and leave. He or she should also inform you of what your policy entails. You may have certain tax obligations as a result of acquiring workers compensation insurance, and it would be handy if your broker simply told you everything you needed to know.

Honesty, tactfulness and accessibility are qualities any experienced broker will have. Schedule consultations with as many workers compensation brokers as you need to in order to find a policy that makes you completely confident.