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.