How to Find Workman's Comp Insurance
State governments require businesses to have workman's compensation insurance to cover employees in the event of an accident. Requirements and costs for workman's compensation insurance vary depending on the type and size of the business, along with which state a business is operating in. While some businesses are exempt from workman's compensation insurance requirements, on-the-job injuries are something that all businesses have to address for the sake of financial security and liability. Finding the right workman's compensation insurance policy requires only a little time and research.
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Instructions
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Contact your state department of labor to learn about workman's compensation insurance in the state you are operating your business in. Find out if your state allows businesses to self-insure for workers' compensation insurance, which will require your business to pay for all on-the-job injuries. Ask about employer requirements, including types of illness or injuries that must be covered, how much coverage is required and if your business is exempt from coverage. Inquire about whether your state has an agency that sells workman's compensation insurance or if it can be purchased through private insurance companies. Find out which private insurance companies are approved by the state government to provide workman's compensation insurance.
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Ask your business insurance provider if the company also provides workman's compensation insurance. Find out if workman's compensation insurance is already included in your insurance package. If your business insurer also offers this coverage, ask about adding this coverage to your contract. Ask for recommendations for private insurers that can provide you with the coverage if your current insurer does not offer it.
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Contact any associations your company might be a member of to find out about who offers workman's compensation insurance for your industry. Find out if association membership offers any discounts for your business. Ask whether the association has a list of recommended insurers you should contact.
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Contact agents from the list you received from the state labor department, your business insurance provider and the associations you contacted. When speaking with workman's compensation insurance agents, find out if they offer the type of coverage you need as well as whether your business qualifies for the policies offered.
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Search for workman's compensation insurance on the Internet. Many insurance companies and insurance brokers offer workman's compensation insurance on company websites. A number of policy options will be available so you can compare features, premiums and coverage.
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Compare all information you gathered from insurance agents, companies and brokers along with the requirements set by the state government. Analyze the information carefully to determine which company fits your needs and budget, and then select the company and insurance policy that offers the best coverage for you.
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