Category Archives: Insurance

What Makes A Good Workman’s Comp Policy?


Most states require the businesses that have employees to possess workers’ compensation insurance, the type of policy that covers for the injuries, fatalities or illnesses that affect the company’s employees and arise from the work activity or from the work environment. The policy, also known as workers’ comp, is mandatory for most businesses, but that does not mean that any policy is suitable for your business. Here are some tips about how to find the policy that works best for your business.

Familiarize Yourself with the Requirements in Your State

Some states require businesses to possess workers’ comp insurance only if the businesses have more than three employees, while other states have other important requirements to know about. To be able to pick the best policy, find out about all the laws applicable to your situation.

Implement Safety Measures

Improving workplace safety is an excellent way to reduce the risk of work-related injuries or the appearance of work-related illnesses and will give you another benefit as well: your documented measures to make your workplace safer can be taken into consideration by your insurer when your insurance premium is calculated. Other such measures to improve work safety might include the enrollment of your employees into safety trainings.

Colorado workers compensation insurance

Find a Good Insurance Agent or Insurance Broker

Both insurance brokers and agents play the role of intermediaries between the business that is looking for a policy and the insurance companies that provide such products. The most important difference between the two types of insurance professionals is the client whose best interests they represent: while brokers represent the buyer and they usually carry a large portfolio that includes products from multiple insurance companies, agents represent the insurance company and can recommend only the products of the specific insurance company that they represent.

When it comes to shopping for your Colorado workers compensation insurance policy, you can turn to either type of insurance professionals. Your specialist will explain to you in detail how the policy works, how you will have to make your payments and what happens in case of a claim. You should also ask your broker or agent to tell you about how the claims process works, how long it takes for claims cases to be handled and also whether there are any specific measures required by available insurers to lower your premiums or to be offered discounted prices.

Consider Buying Multiple Policies from the Same Insurer or Paying for a Longer Period in Advance

Most insurers offer considerable discounts to clients willing to purchase multiple insurance policies from them. Most states require businesses to have commercial property insurance and general liability insurance as well, so deciding to have them all from the same company will surely lower your premiums. Another way to make savings is by choosing a yearly or semi-annual payment plan – though monthly payments are surely the plans chosen by most businesses, if you can afford to pay for half a year or for an entire year in advance, your rates will be much more affordable.

When to Make an Insurance Claim and How You Should Handle It

Whether you just got into an accident, or you’re coping with a disease or injury that’s covered by your insurance, knowing when to make an insurance claim is crucial when it comes to getting the compensation you require. You’ll find that the deeper subtleties will differ in each case, but the general principle of when to consider making an insurance claim will be more or less the same for all types of insurance policies.

Have a Detailed Assessment of What You Have to Do

No one likes to hear that they’ve been paying thousands of dollars to an insurance company every year, only to find out that their compensations fall far short of the contributions they’ve made.

The first step you have to make is to become fairly acquainted with your insurance policy. If you haven’t yet, check your coverage and see if you at least have a fair chance to make your insurance claim without getting a negative response.

Next, if you want to know when to make an insurance claim, the answer is, “as soon as possible after the incident that caused you to need an insurance claim has occurred. After you or one of your loved ones has experienced an injury, a theft or some property damage that would warrant the need for your insurers to step in, gather all the evidence, and file your report to the insurance company, or look for a professional to represent you and take care of all the paperwork and negotiation proceedings on your behalf.

As you will see, gathering all the facts and evidence and getting all your papers straight from the start is the surest way to make certain that your insurer will stick to their end of the bargain.

insurance claim management

Check Your Facts and Gather All Your Evidence

So what does gathering facts and documents entail? First and foremost, you’ll find that you need your policy document, any receipts of the stolen items and any medical bills or receipts from contractors who have repaired your damaged items, and any reference numbers that you’d get if, for instance, you filed a police report.

Of course, the insurance company will also need to make an assessment of the damage, and it will help if you can present them with as many facts and figures as possible. Write down all the details of what happened, take photographs for proof, make a note of all the times and dates involved – as well as every person who was involved – and finally, get all your financial facts in order, including how much you paid and how much you expect the insurance company to pay you.

When contacting the company yourself, make sure you use their help line, and contact the broker first, if you bought your insurance through a broker. They can help you get all the information you require, and then you can finally file your insurance claim.

Making an insurance claim might not seem like such a big deal, but aside from it being a crucial factor in getting your money, it can also be excruciatingly difficult to deal with that sort of thing in the middle of a crisis. Aside from knowing when to make an insurance claim, finding a reliable lawyer and public adjuster Florida professional can also be an important step in getting your money.