Workers compensation (WC) insurance is a requirement for most businesses with employees. Its sole purpose is to protect workers in the event of they are injured on the job. Employees on the owners of the company to take care of them if an unexpected accident or incident occurs while working. Employers depend on workers comp to help their injured employees get medical treatment and back on the job as soon as possible. The key is in to find the right workers’ compensation broker, who is familiar with your industry to get the proper coverage at an affordable price.
When WC insurance kicks in
WC insurance helps anytime that an employee is injured in an auto accident while running errands for the company or a staff member develops carpal tunnel syndrome while working on a computer, or an employee gets hurt while restocking the supply room. Basically, during any job-related activity that results in an injury.
By purchasing WC insurance that reflects the company’s particular needs an owner will be able to pay for an injured employee’s medical treatment, replace part of lost wages if a job-related injury requires time off from work, and protect the business and its assets.
There are many top-rated carriers committed to providing affordable coverage to numerous industries. Rating plans may include debits or surcharges for new businesses or employers with an adverse loss history, as well as credits for those with favorable safety records or procedures. Therefore it is important to consult with a specialist who can determine which carrier can best provide this important coverage based on the business model and current needs.
Employers may obtain workers’ compensation insurance coverage that they purchase a from one of the many thousands of private insurance carriers, by contacting an insurance broker, carrier or agent, checking with the local trade association, or conducting additional research to find the most appropriate insurance coverage.
The best way to go about finding the right coverage is through qualified workers compensation brokers that know and understand the intricacies of a good workers comp plan and can provide a list of choices from those workers compensation insurance carriers while recommending ways to improve job safety, control losses, and lower claim costs.