Running a successful company is all about taking the right precautionary measures. For many, the best way to reduce the odds of an unexpected incident bringing a company to financial ruin is by taking out sensible insurance. If you don’t put thought behind decisions like determining which workers’ compensation plan is best for your needs, you could wind up in a very expensive and complicated legal battle. Review these tips to learn more about the options available to you.
One point you can consider when you’re taking out your insurance is how e-mod and work comp premiums work together. Some business owners opt to use experience modification factors as a way of obtaining better rates with their compensation plans. While this can be a very advantageous move for some companies, it will not always be the best fit for all. Before you make your final decision, weigh out the pros and cons of the e-mod option and get a better idea of how it works. Additional points to consider with your plan include:
- Number and frequency of claims
- Coverage for directors and officers
- Policy options for third-party property
Protect Your Team
Taking out the right insurance plan can be a fantastic way to protect your business and your workers. Give yourself ample time to review the options before you and find coverage that makes sense for the risks of your industry.