Real Experts- Trusted Advice
Most employers searching for workers compensation are looking for lower rates or
better coverage. But they're not always sure what questions to ask their agent. And
unfortunately, a lot of insurance agents who don't specialize in workers comp don't
the knowledge needed to get you the best deal.
Often times its buyer beware, and some businesses end up with inadequate coverage,
or they pay too much for their policy. At Workers Compensation Shop.com, we're here
to help. Whether you buy your insurance coverage from us, or you purchase it from
agency, here are 10 great questions to ask any agent about workers compensation
Workers compensation is different in every state. Owner
exclusions, minimum payroll requirements, and other factors can affect your
rates. Ask about how the laws in your state affect your coverage.
All states have different rules that trigger coverage
requirements based on the number od employees. Also ask about owners,
subcontractors, and other 1099 payments you make and how it affects your policy.
If you do any work outside your primary state, it's
important to make sure you will have or can get coverage extended in that state.
Most states allow injured employees to file a claim in the state they were injured
and/or reside in.
Many insurance carriers will offer policy credits that
reduce the cost of premium for employers who have a formal safety and/or drug
testing program. Ask your agent about all available credit options.
Your track record, or "experience modification factor" compares your
business against other companies in your state and industry. The process of MOD
credits and debits vary by state,
so be sure to ask if you have an experience Mod. Ask about additional premium
discounts in your state too.
Employers liability coverage is part of every work comp
policy. You may be able to increase or decrease the amount of coverage (and the
cost) based on your needs and risk exposure.
This is an important and often overlooked aspect of
workers comp coverage. Ask about each phase of the carriers care and recovery
process in the event of a claim.
Insurance premiums are typically based on estimated
payroll and charged up front or over the first few months. Real-time reporting is
based on actual payroll and allows for Pay As You
Go workers compensation insurance.
Ask if the policy will pay for loss of earnings, costs
for bonds and appeal bonds, litigation costs, and interest on judgments. Coverage
varies by insurance company so get the most for your money.
Are they A rated? Are they financially secure and
reputable? How long have they been in business? Do they manage claims quickly and
A lot of online insurance websites are actually stealth marketing companies that
sell online leads to other insurance agents. Those agents are then left to fend for
themselves while they attempt to sell you an insurance policy.
At Workers Compensation Shop.com, we're not a marketing company and we don't sell
leads. We're a national insurance agency with a dedicated staff of Workers'
Compensation Specialists. We compare and shop your coverage with more than 35
carriers to find
your very best deal.
When you shop with us, you get: