Workers’ comp insurance is a compulsory requirement for the majority of employers.
But settling on the most suitable workers’ compensation insurance provider may not be as simple as it may seem. Your choice of provider can have significant implications for your company’s future.
This comprehensive guide delves into what you need to consider when selecting a SC insurance supplier.
Table of Contents
Understanding the Purpose of Workers’ Compensation
Workers’ compensation serves a straightforward purpose: to protect both employees and employers. This “no-fault” coverage safeguards both parties when an employee suffers an injury while performing their job duties. It covers the medical treatment required by the injured employee and also provides compensation for lost wages if the employee is unable to work during recovery.
Simultaneously, it shields the employer from potential lawsuits stemming from workplace injuries.
While all workers’ compensation companies must adhere to state statutes concerning coverage terms, liability limits, and benefits, it’s crucial to understand that not all providers offer the same value for the premium you pay.
Key Qualities to Look for in a Workers’ Compensation Company
When deciding on a SC insurance supplier, there are several key qualities you should look for:
1. Expertise in Workers’ Compensation
While many large insurance companies offer workers’ compensation alongside other types of insurance, it’s beneficial to choose a provider specializing in workers’ compensation insurance.
A specialized provider can save you money in the long run. Their deep understanding of workers’ compensation laws can better equip you to avoid lawsuits and other potential costs associated with workplace incidents.
2. Exceptional Customer Service
Your provider should be easily accessible when you have questions or concerns about claims, premium payments, workplace safety, or any other matters.
For instance, as a business owner or manager, your plate is already full. You don’t have the luxury of spending hours managing your workers’ compensation policy every day. Opt for a provider with a robust customer portal and online tools that allow you to:
- Pay your bill
- Report injuries
- Manage claims
- View reports such as loss runs and audit statements
3. Access to Expertise
While customer service is typically your first point of contact, the representative may connect you with another internal expert who can help. You can expect to interact with representatives from claims, underwriting, premium consultation, and the safety and risk department (if your provider has one).
4. Safety Resources and Support
Your workers’ compensation carrier should share your goal of ensuring your employees’ safety at work. After all, it’s in everyone’s interest—yours, your employees’, and the carrier’s—to prevent injuries in the first place rather than deal with the implications of unsafe working conditions and practices.
5. Claims Management Support
If an injury does occur, successfully managing the claim will result in the best outcome for your employee and your business. Managing claim costs can positively impact your e-mod and reduce your premium.
Ask what your carrier has in place to guarantee that an injured employee will receive the best possible care as quickly as possible.
6. Money-saving Endorsements
In addition to in-house programs, your carrier might offer endorsements through third parties that can help you improve safety and save additional money. Some examples include:
- Post offer employment testing (POET): Determine if a prospective employee is physically capable of performing a specific job. On average, about 10% of those tested are not hired because they can’t safely do the job.
- Drug and alcohol testing: Perform post-incident testing on site, which is faster and more convenient than traditional methods.
- Telematics: Businesses with vehicle fleets or lots of drivers can improve safety by tracking employees’ driving behaviors.
To Sum It Up
The coverage details of your policy will be the same from carrier to carrier. That’s why it’s crucial to find a work comp provider that offers more than a policy.
With the right SC insurance supplier, you can ensure a safer and more productive workplace for your employees.
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