Worker's compensation insurance is required in almost every state, but policy rates, coverage and the way in which claims are filed may vary. Before purchasing worker's compensation coverage for your employees, compare policies offered by different insurance companies. Learn who your colleagues use for insurance; and if they are pleased with the services they are receiving. Read on to learn more.
Instructions
Compare Costs and Coverage for Various Worker's Comp Policies
1. Research the insurance companies you are considering using for your worker's compensation insurance needs. Visit their websites and order brochures to get basic information about their companies and the services they offer. Compare their policies and compile a list of your top choices.
2. Use online quote finders from leading insurance companies to compare what they charge for worker's compensation insurance. Print out the quotes to bring with you when meeting with insurance agents and ask if they will match or beat the rates.
3. Network with other respected business owners in your area. Ask them if they will tell you who provides their worker's compensation insurance. Compare this information with the research you have already done.
4. Obtain a list of classification codes used by your state to determine the rates of worker's compensation insurance for various industries. If you own a construction company, for instance, rates may differ according to what the specific job entails.
5. Make appointments to meet with a representative of each insurance company you have listed as a potential choice for your business. Prepare a list of questions you want to ask regarding premiums and policy administration, as well as any clarification you may need about the policy's terms.
6. Inquire about each company's claims process. Most of the steps will probably be similar, but there may be some differences that will lead you to pick one policy over another.
7. Listen to your intuition, or "gut feeling," when interviewing potential insurance agents. Even if the insurance policies you learn about are identical, the personality of the agent with whom you will be working can make a huge difference in your level of satisfaction.
