Workers compensation is a vitally important subject for every small business owner to address. Having proper coverage in place not only protects small businesses from costly lawsuits, but makes the company a more desirable place to work. While plans may differ among jurisdictions, it’s important to secure adequate protection in this essential area to keep your business from suffering not only the loss of a valuable employee, but financial loss due to avoidable lawsuits.
What to Look for When Selecting a Broker
When selecting an insurance broker to secure the best workers compensation coverage for your needs, there are some things you can look for to ensure the broker has the expertise and experience to get you the coverage that fits your unique business. Look for some of the following when choosing a broker:
- Flexible payment terms
- In-house underwriting control
- Strong risk management
- Large deductible programs
- Multi-state quotes
Other key aspects to consider are assistance with OSHA compliance, fraud and abuse prevention, and the introduction of safety programs.
Help Employees Return to Work
Another important area to address is assisting employees with returning to work after an injury. Return-to-work programs help employees transition back into the workplace after recovery is complete and return to productive employment as fast as possible. This benefits not only the employer, but the employee as well.