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Tips for Selecting Workers’ Compensation Insurance for the First Time

Whether you are about to take over a large corporation or hoping to run a small-scale business, investing in employee safety is among the primary tasks to focus on. Otherwise, potential workplace hazards may lead to falls and other mishaps that cause grievous injuries and sometimes even death.

However, installing safety rails and fall protection is not enough. You should also consider having a premium workers’ compensation policy from reputable sources like Cerity to ensure injured employees receive proper care while also protecting yourself from lawsuits.

New business owners who purchase their first policy can refer to the following list of points for guidance.

Understand what the policy covers


To comprehend the policy benefits, the first thing to know is that the coverage typically includes or is divided into two parts. One covers bodily harm or injury by sudden workplace accidents, while the other covers injuries or damage by disease aggravated or caused by work conditions.

Medical and disability benefits are usually paid regardless of who was at fault. The compensation also generally covers loss of wages, therapy, and other similar costs, allowing the injured individual to recuperate without financial constraints.

You should know the specifics of a policy and everything it covers before making a final decision. For example, if you run a business in the construction industry, which has the highest rate of fatal workplace injuries, you should ensure the plan covers this aspect.


Consider your state’s requirements


The requirements for workers’ compensation differ from state to state, depending more or less on the number of employees, business type, location, and industry. You should know what your state requires before purchasing a policy to ensure it meets all the state mandates. Also, suppose you wish to open another branch in a new jurisdiction. In this scenario, you will need to consult sources like Cerity and ask about policies pertaining to the new locale.

It is wise to get coverage even if a state does not mandate it. It can protect employers from lawsuits wherein some workers may fraudulently allege workplace injuries due to safety negligence on the job site. It effectively covers attorney fees, court costs, and similar expenses.


Find a competent insurer


The most critical thing is to rely on a responsible insurer providing premium plans at affordable costs. Ideally, someone with unmatched industry experience and in-depth knowledge of these policies is a fantastic choice. Also, the idea is to find someone familiar with the jurisdiction requirements that apply to your business, guiding you through the process.

Moreover, they can counsel you on the best safety practices and other effective ways to lower premiums. Some provide additional resources that can aid your business further, such as fraud prevention, premium audit, claims services, managed care services, loss control, and return-to-work programs.


Review the plan periodically


Although finding a good plan that covers occupational injuries and illnesses is vital, it is crucial to review the policy annually to ensure it still meets your changing requirements. For instance, there may be a new development at the workplace, such as an additional work area or new contractors, which the policy may not cover.

Therefore, discuss these changes with your agent and select a new plan or modify the present one to ensure it meets all your current requirements. It is a surefire way to protect your workers, the company, and yourself from unforeseen mishaps and lawsuits.