Why Not All Workers Comp Carriers are the Same
For many business owners, worker’s compensation insurance is a necessary coverage that is not often well explained. While worker’s compensation policies provide wages and medical benefits to employees who have been injured on the job, not all worker’s comp carriers are the same.
When you’re searching for the best coverage and carrier, consider the following areas as you make your decision.
Ensuring your injured worker is quickly evaluated by a medical professional is vital to their physical health and your business health. With the current health environment and restrictions in some medical offices, telemedicine is an important tool. By choosing a worker’s compensation carrier that offers a telemedicine program, this will provide on-call medical professionals who can provide quick access to care. This may help reduce travel time, coordination, and other associated costs for your business while providing prompt care to your injured employee so they can be on the road to health quicker.
Protecting your company and your employees can be costly. Many carriers offer lower rates for reduced claims over a specific time period and/or dividend programs. Our team at Shafer Insurance Agency provides complimentary safety audits for our clients, helping you identify areas to improve to avoid injuries. This could help you reduce your claims and possibly reduce your rate. By joining a group dividend program, you may have the opportunity to lower your overall worker’s compensation insurance cost through an annual dividend. One business recently received a $22,000 dividend from their carrier, and others have received differing percentages.
Pay As You Go Premium Options
Cash flows cycles may ebb and flow. Some months may yield higher revenue than others. Thankfully, some carriers provide you with the option to pay your worker’s comp premium on a monthly basis based on that month’s payroll. This allows you to spread the cost out as needed, hence the term “pay as you go.”
Your business is unique and deserves customized coverage. By partnering with our insurance professionals at Shafer Insurance Agency, you can rest assured that you and your employees will have the right worker’s compensation insurance that protect you when you need it most.