Workers Compensation Insurance

Workers Compensation Insurance

<b>Workers&#8217; Compensation Insurance Tailor-Made for You</b>

Workers’ Compensation Insurance Tailor-Made for You

Workers Compensation Insurance is a critical and often legally required part of operating a successful business and its cost is a universal concern for business owners. Yet, shopping for the best product to meet your company’s specific needs can be frustrating. But it does not have to be.

At Jenkins Insurance & Financial Services, we understand the challenges businesses face, including concerns about the cost and confusion associated with finding insurance that meets your business’s specific needs. That is why we work hard to find you the most fitting Workers Compensation Insurance at the best price.

What Workers’ Compensation Typically Covers

Workers’ compensation insurance generally pertains to work-related illness or injury.

<b>Major Benefit of Workers&#8217; Compensation Insurance - Budgeting</b>

Major Benefit of Workers’ Compensation Insurance - Budgeting

It would be impossible for an employer to predict its annual liability due to work-related employee claims. Workers’ Compensation Insurance, however, provides a predictable cost for which a company can budget. This ability to budget liability costs grants some peace of mind to business owners, small and large alike.

Should You Use an Agent or Broker to Pick Your Workers’ Compensation Insurance Policy?

An experienced insurance agent is critical in the process of selecting and tailoring a workers’ compensation insurance policy. Some considerations an agent will discuss with you are (1) state laws, (2) class codes, and (3) underwriting involved with workers’ compensation insurance. We help you pick the right policy for your business.

A few considerations:

  1. Determine how state laws require you to buy insurance. While most states do require Workers’ Comp, there are some intricacies, such as specific endorsements, which may affect your business.
  2. Make sure the policy is specific to your industry - There is a huge difference between owning a manufacturing plant and employing office workers. An industry-specific policy will ensure coverage for matters that may affect your particular employees.
  3. Class Codes - Additionally, the National Council on Compensation Insurance has identified approximately 700 job types broken down into class codes to help determine coverage cost. An agent can research these specifics and insure you are not paying too much.
  4. The Cost Should Match The Risk (Underwriting) - Because each business is distinct, there are also unique considerations concerning risk. For instance, an employee in a restaurant could face more risk of strain or major injury than, say, an office employee, thereby increasing the cost of premium for that particular policy. On the other hand, a corporation paying office employees should not necessarily have to pay the same as a construction contractor. 
  5. Other Factors - The size of a corporation and whether a company actually has employees are considerations. For example, an LLC with no employees may not require coverage.

Key Components of a Workers’ Compensation Policy

Workers’ Compensation Insurance has some unique components when compared to other types of insurance.

  1. It transfers liability for statutory workers’ compensation benefits to an employer, regardless of whether that liability is miniscule or monstrous.
  2. Some workers’ compensation claims fall under employers’ liability coverage. This important policy component covers employees and employers, generally at a set dollar amount, when a work-related injury or illness is not subject to benefits under state or federal regulation.

By Your Side From Start to Finish

Our agency will do more than find you the right insurance. In the unfortunate but often inevitable event of a claim, we will navigate you through the process and interact with the insurance carrier to move your claim along. We are your trusted advocate for the duration of our relationship with you, and it is our pleasure to serve you.

We know that employees are your most valuable asset and partnering with you to protect them is our pleasure and our business. We wish you great success in all of your endeavors.

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