Cornerstone Insurance Agency Blog
Workers’ Compensation Insurance is a policy that mainly protects employees. It enables employees to pay medical expenses, and prevent losing salaries. It also protects your company itself from possible lawsuit and fees.
Choosing the best workers’ compensation policy is a bit tricky for business owners, so here are some tips for selecting the best insurance:
Look for a Good Insurance Agent
A good insurance agent educates you on the best workers’ comp policy that is suitable for your business needs. Look for agents who know your industry.
An agent should have a comprehensive understanding of the requirements for workers’ comp applicable to your company. A good agent provides counseling and advice on ways to lower the insurance premiums by implementing safety controls.
Know the Requirements of Your Location
There are different workers comp requirements in different locations. It varies from a state.
Whether your business is located in multiple states or looking to put up a company in another location ensures that your agent is knowledgeable with laws that apply to your business in every area. Ask your agent the coverage available to injured workers.
Provide a Safety Plan
Some said that ‘prevention is better than cure.’ Create and implement a safety plan such as proper signage, ladder safety, a reminder of wearing protective gear, and providing regular training. It helps in establishing firm company policies and could reduce premium amounts.
States are offering premium discounts for safety programs. Make sure to consult your agent to check if discounts are available in the area.
Study of the Workers’ Compensation Policy
Workers’ Compensation Policy has two parts: bodily injury due to accident and employers liability protection.
Workers’ Comp covers bodily injury due to illness and accidents aggravated from the environment of employment. It includes medical treatment and disability, whether whose fault is it. The compensation does not cover the injury resulting from the employee criminal activity.
Employers’ liability is the protection of an employer from a possible lawsuit for common injury claims.
Ensure that you have a great understanding of insurance policies you’ll get for your workers. Review your plan regularly and consult your insurance agent to discuss matters such as an update or plan changes.
At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE.