What to Look for in a Workers’ Comp Insurance Provider

When it comes to workers’ compensation insurance, you want to provide the best possible coverage and care for your employees. That being said, finding the right provider and plan for your business can be a daunting task and a significant financial decision.

As with all critical business decisions, you’ll want to take your time researching your options when shopping around for a workers comp insurance policy. When it comes to choosing an insurance provider, what characteristics should you look for, and what factors should you consider? The insurance shopping process includes comparing rates, benefits, experience, customer service, and more.

An Easy-to-use Online Portal

In today’s day and age, there’s no reason why a reputable insurance service provider shouldn’t have an easy-to-use online portal. As a business owner, every minute of your day is valuable; you don’t want to waste your time scouring your insurance provider’s website, trying to figure out how to make your monthly payment or reach customer service.

A streamlined online portal should allow you to:

  • Make quick and secure online payments or have autopay options that enable you to make payments without logging in every month
  • Manage and view reports and claims
  • Contact customer service quickly, via phone, email, or a chat platform
  • Help you prepare for upcoming audits

Flexible Payment Plans

The most reputable workers’ comp insurance companies have flexible payment plans that suit a wide range of clients. In recent years, the pay-as-you-go payment plan for workers’ comp insurance has risen because it spreads out the “upfront” costs of insurance.

This type of payment plant doesn’t decrease the amount you have to pay; it just provides you with more flexibility. The premium payments also tend to be more accurate since they’re based on real-time payroll figures. If your company operates on a tight budget, you may want to consider this option.

A Wide Preferred Medical Provider Network

A good worker’s comp insurance provider should have an extensive list of preferred medical providers. This list should include doctors, pharmacists, nursing, and emergency services. Preferred medical provider networks usually provide sizeable discounts that you can’t get otherwise.

Having such a network will ensure that your workers get the best possible medical services in a fast and affordable manner should they suffer a work-related illness or injury.

Integrated Absence Management Assistance

As a business owner, you want to limit productivity losses when accidents and injuries occur. A high-quality worker’s comp service provider should help you out in this regard by providing integrated absence management assistance. The primary purposes of absence management are to:

  • Reintegrate employees after an absence due to illness or injuries.
  • Help employees engage with programs geared towards better health and wellness
  • Provide productivity assessment services through detailed reports, analytics, and trends
  • Help employees to have access to social security disability insurance as required

Years of Experience and Positive Reviews

A quality worker’s comp service provider will have a solid reputation in the business community. To get a sense of a company’s experience, head to its website, and look for written testimonies from clients. But don’t stop there; you should do your due diligence and read through reviews on independent sites. Various third-party organizations review insurance providers and publish their findings, making clear the pros and cons of choosing a certain company.

You’ll also want to analyze the specialization of each insurance company you consider. Do they focus solely on workers’ comp or other forms of insurance as well? Does their clientele have anything in common with your business? For example, if you own a construction company with high liability for workplace injuries, you may want to limit your search to insurance providers who specialize in high-risk industries.

Choosing The Right Workers’ Comp Insurance Provider for You

There are many factors to weigh in when you’re trying to choose the right workers’ comp insurance provider. This means you need to put in some time and effort to do your research based on the factors discussed above. By choosing the right workers’ comp insurance provider, you ensure that your business does well in the long run.


Feature Image by Steve Buissinne from Pixabay