Workers’ Comp Insurance
If you own or run a business , there is no question that your employees are your most valuable asset. One of the most important components of any business’s insurance coverage is its workers’ compensation policy, which nearly every business is required by law to carry. Workers’ compensation protects both you and your employees in multiple important ways, and making sure you have the right coverage for your unique business is paramount. Fortunately, the dedicated insurance professionals at Western Elite are well versed in all things workers’ comp insurance and are committed to helping you find the workers’ comp coverage you need.
Workers’ Compensation and Your Employees
It’s a fact of life and work that employees can be injured on the job – and some industries are far more prone to such accidents than are others. Your workers’ comp coverage protects you – as an employer – from liability if one of your employees is injured on the job (or while carrying out a task for your company). This policy also, however, will cover your injured employee’s medical costs (that are directly related to the injury) and will reimburse said employee’s lost wages while he or she is out of work recovering. If your business has employees in more than one state, you’ll also need to take this into consideration when purchasing coverage. All told, there’s a lot to consider.
Workers’ Compensation and Your Business
Whether you’re just starting a business or have been doing this for a while now, you need workers’ comp coverage that works. Workers’ compensation insurance is nothing if not complicated, but the following two basic metrics regarding your business’s claims experience are key:
- The frequency of your claims (as measured by the Experience Modification Factor)
- The severity of your claims (as measured by the All Risk Management Program – ARAP)
Your current workers’ compensation purchase will be based on the numbers from the three oldest years (out of the previous four years of business). This means that, if you’re looking for coverage in 2020, your policy will address your claims experience from 2016, 2017, and 2018 (assuming you have been in business that long). Many business owners assume that all workers’ compensation coverage is the same and, therefore, don’t put any effort into researching their options, but this notion is misguided. At Western Elite, we pride ourselves on addressing each of our client’s unique workers’ compensation needs with a critical eye toward providing robust individualized coverage within a reasonable price range.
What to Look for in Workers’ Compensation Insurance
Not all workers’ compensation insurance providers are created equal – and neither are all workers’ comp policies. That’s why we, at Western Elite, address each of the following primary elements of workers’ compensation through the lens of our commitment to excellent customer service and to superior insurance products:
The Management of Your Claims – Claims management is obviously integral to every workers’ comp policy, and when claims management is thorough, effective, and efficient, it helps to keep your claim expenses low and your insurance expenses manageable. Any glitch in your claims management process can cost you money in both the short and the long run, but the knowledgeable commercial insurance professionals at Western Elite are committed to working closely with you to help ensure that your claims management goes smoothly every time. Because no two businesses and no two claims are ever exactly alike, having a claims management process in place that aligns with your line of work and with your unique approach to business can make a profound difference.
The Appropriate Classification of Your Workforce – Using the appropriate job classification for your employees is essential. Purchasing the coverage you need is the only way to effectively manage your risk, and both underpaying and overpaying due to an incorrect classification can end up being very costly. A skilled commercial insurance broker at Western Elite who has considerable experience in these matters will strive to ensure that your workers’ comp policy has got you covered.
At Western Elite, Our Insurance Pros Specialize in Workers’ Comp Insurance
The dedicated insurance professionals at Western Elite understand exactly how important it is to purchase workers’ comp insurance that protects both your business and your employees – at a price you can afford. We'll painstakingly go over your workers’ comp insurance needs with you, and will help you find coverage that takes your business, the type of work involved, the level of risk involved, and your employees into careful consideration.