Why Does Your Business Need Workers’ Compensation Insurance?
The simple answer is that workers’ compensation coverage is required in nearly every state, and your business could face extremely costly fines (often totaling in the tens of thousands of dollars) for not getting coverage.
The main purpose of the insurance is to cover businesses that have an employee that gets injured on the job. And accidents happen more often than you think. Slips, falls, crashes, and incidents involving machinery happen every day (the rates will naturally vary by industry). The average cost of a workplace accident totals around $39,000 and can be much higher. You don’t want your business to pay that out of pocket.
With all this noted, keep on reading to learn more about our top recommendations:
Having worked with over 200,000 businesses and receiving an A+ Better Business Bureau rating, Insureon is our top recommendation for most businesses looking for workers compensation insurance. The company, launched in 2000, has products that range from general liability insurance to cyber liability insurance, and its workers’ compensation services are very competitive when it comes to price.
Additionally, Insureon was created to handle business online, making getting a policy quick and easy. They serve nearly every industry and work with even the smallest of businesses. If you find them a good fit, you will be able to work with them and we expect you’ll have a great business relationship. At the very least we recommend getting a quote and doing comparisons from there.
What you can expect when you work with Insureon:
- – An easy to understand online platform which you’ll use to buy your insurance. Don’t worry, though, as you’ll still be working with a well-trained agent at no extra cost to get you through any roadblocks.
- – An emphasis on speed so you don’t waste several days of your time dealing with the ins and outs of the industry. Insureon will take care of most of that for you so you can get back to running your business.
- – Affordable insurance options that cater to small businesses. If your operation only consists of a few people, Insureon is almost certainly your best choice.
2) The Hartford
The Hartford is a name you’ve probably already heard about relating to insurance before reaching this page. The over 200-year-old insurance provider has seen just about everything, and they have more experience with workers’ compensation than most other providers combined. It’s an institution unto itself, and while you might be dealing with an institution, it’s an institution that knows how to do things right and one that will support you and your business in the event of a claim.
Customer reviews of their service are nearly universally positive, and it should be noted that they don’t have any minimum requirements for their services. Additionally, if you’re looking for other insurance products, you might be able to get a deal on a bundle.
What you can expect when you work with The Hartford:
- – Excellent customer service in nearly every possible way. Customers have noted Hartford agents to be quick, friendly and helpful during very stressful periods.
- – Excellent claims processing that won’t leave you waiting for too long before moving onto the next step. They understand a claim can be an ordeal for a business owner, and they seek to minimize the pain.
- – A network of programs all meant to not only help you but to help your employees. The Hartford has prescription drug benefits, a network of health providers for employees, nurse case managers, and more. All of this is meant to minimize the costs for both you and your injured employees.
Much like The Hartford, Travelers is a huge enterprise with over 500,000 workers compensation customers, far more than any other company. They have many resources both online and in person for injured employees to get back on track and for your business to manage the issue. Their infrastructure allows for specialists to be involved in every part of the process, and it shows.
You might worry about whether your company will get lost in the shuffle when you need to make a claim, but we encourage you to look further into their offerings and see whether you want to join or break away from the crowd. If you don’t need anything special, Travelers might be the safest option.
What you can expect when you work with Travelers:
- – Support in every state to ensure you get the best and most accurate coverage. They can cover every type of business and know how to properly work with every industry.
- – Relatively low costs when compared to most other providers.
- – A wide variety of services and medical professionals to support your business and your employees when they are needed.
An insurance provider specializing in business services as opposed to just providing them, AmVenture is great for owners looking for a more customized plan for their small businesses. Yet regardless of that customization, we think it would be very difficult to get a bad deal from them and there’s little we can criticize them for.
They work with a wide variety of organization styles as well, so if your business is, for example, a franchise or another type of association and you still need insurance products, AmVenture will be able to set you on the right path.
What you can expect when you work with AmVenture:
- – A company that will work with you in order to make sure you get the best rate possible, as opposed to some providers that will try to milk your business for every dollar.
- – A more customizable plan than the cut and paste options you would find with larger providers. They work specifically with small businesses on this.
- – A staff that is dedicated to businesses and business owners.
A Swiss-based agency that works internationally, Zurich’s specialty is risk aversion and risk management, employing people in a wide variety of fields (they employ 900 risk engineers) to create programs and protocols to make your business the safest it can possibly be. Zurich is the pinch of prevention to other providers’ pounds of cure, making it a great fit for many owners.
These risk-management services make Zurich a great choice for businesses in high-risk industries. If you don’t think that label applies to your business, you might be better served elsewhere (although there would be nothing wrong with Zurich’s services). If it does, we urge you to investigate further.
What you can expect when you work with Zurich
- – High-quality risk-management services so ideally you don’t have to deal with many claims in the first place.
- – Access to experts and expertly-crafted systems that you can easily integrate into your office or worksite.
- – Knowledge and experience in high-risk industries that you won’t find elsewhere.
From Berkshire Hathaway, biBERK is a very highly rated and regarded business insurance provider. Still relatively new to the industry (it’s only been around for a few years now) and often describing itself as a smaller enterprise than its parent, biBERK is proving itself and has a passion for providing you with the best possible option.
They also emphasize the simplicity of getting products through them. You will get instant coverage after doing a few quick forms online. They have people available to talk to, of course, but the red tape is minimized compared to other providers.
What you can expect when you work with biBERK:
- – Excellent financial management of your cases, as you might expect from Berkshire Hathaway.
- – The attention to detail and care that a still relatively small enterprise can provide your business.
- – A simplified process for getting insurance for your business, allowing you to understand exactly what you’re getting and also get back to running your business quickly.
Another large insurance provider, Hiscox, rounds out our list as a reliable provider of workers’ compensation insurance. Primarily focused on helping small businesses, they might be the provider you need if other small business options don’t seem like they would be a good fit. Their great reputation and history of good service set them apart from other large providers not listed here.
They have a relatively few number of complaints against them, and they provide a large variety of products on top of workers’ compensation insurance that might help your business. Their approach is often industry-specific, meaning you will always get relevant support.
What you can expect when you work with Hiscox:
- – Great online service and quick processing. Hiscox was at the forefront of this change and continues to be a leader.
- – A great level of stability and financial backing, ensuring there will be no hiccups with your coverage and that the agency will act in a fair manner.
- – Specifically targeted services that work wonderfully in selected industries. They treat each industry as its own challenge.
Workers compensation can be a tricky subject, but once you right the right coverage provider the process will get a whole lot easier. Do your research to make sure you find the best fit and get the best deal, but in most circumstances, we recommend Insureon. It’s affordability, accessibility, and ability to work easily with small businesses make it stand out from the pack.
We hope that you find what you are looking for and wish you the best whether you’re switching providers or starting out with a new enterprise.