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.