What You Need to Know About Worker’s Compensation for Your Business

In most states, if you own a business, you will be required to carry worker’s compensation insurance. Despite doing everything you can to ensure a safe working environment, employees may still get hurt or injured on the job. Worker’s compensation benefits can help them recover and get back to work.
Before getting your worker’s compensation policy, it’s important to figure out your coverage needs based on multiple factors. These include:
● Size of your workforce
● Type of employees
● Type of work for which you’re covering your employees
● Your payroll size
● Your state’s worker’s compensation laws
It shouldn’t be difficult to get the right coverage for your workers, but you’ll need to know where to look. Read on to learn where you can get worker’s compensation insurance for your company.

Workers Compensation Insurance Providers

Depending on your state, you may get your worker’s comp coverage from a private or state-funded program. Your main options are:
● Private worker’s comp insurer
● State-sponsored worker’s comp insurance
● Competitive state-sponsored worker’s compensation program
● Monopolistic state-sponsored worker’s compensation insurance

Getting Worker’s Compensation Insurance Directly from the Insurer

You may be able to get worker’s comp insurance directly from your preferred carrier. However, not all insurers offer policies directly to business owners. Typically, you’ll need to engage a third-party, such as an agent or broker, to get the coverage you need.

Buying Via a Broker

Worker’s comp laws differ from state to state, which can be confusing sometimes. Variation in state law requirements and misinformation can make telling fact from fiction difficult. When it comes to getting insurance protection such as worker’s compensation for business, you’re probably better off engaging a broker with extensive knowledge of your type of business and state law.
Keep in mind that each state determines the type of businesses that need to protect employees at work with this type of coverage. Your state laws may also dictate where you can obtain the coverage. With the help of an insurance broker, you can swiftly address these requirements and get the right amount of coverage for your workforce.
The role of an insurance broker includes:
● Representing your business coverage interests rather than the interests of the insurance companies
● Requesting quotes from multiple carriers on your behalf
● Choosing coverage and policy limits for you
● Sending applications to insurers to get you the best coverage for your business

Buying Via an Agent

Another option for obtaining worker’s compensation insurance for your business is by contacting an agent directly. An agent works for an insurance company and usually has the authority to bind coverage.
Agents and brokers offer the following benefits:
● Face to face engagements, which allow you to ask any pertinent questions and get immediate answers.
● They can enlighten you on your business coverage needs.
● You can easily contact your broker or agent online to get worker’s comp insurance.
Understanding where and how to get worker’s compensation insurance for your business is the first step. To learn more about getting worker’s compensation insurance coverage, contact the experts at CF&P Insurance Brokers today at (925) 956-7700.

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