Most businesses that stay open long enough face an employee injury at some point. An employee could slip, fall, get into a transportation accident, or a faulty piece of equipment could cause harm. Even offices filled with cubicles and not much else can pose a threat. That’s why small business owners should talk to insurance agents for workers’ comp coverage.
Consider what your business would do if such an employee were seriously injured or even killed at work. Could you pay for medical expenses outright? What about a lawsuit? If your business, like most, doesn’t have hundreds of thousands of dollars lying around, it’s time to get workers’ comp.
Most states require some form of workers’ comp coverage, although Texas does not. However, even the minimum requirement might not be enough to cover the financial loss of an employee injury. Like with car insurance, the minimum just fulfils your legal obligation but may not provide the coverage you truly need.
Instead of relying on the legal minimum to keep your finances intact, talk to insurance agents about workers’ comp and what kind of policy is right for your business. A specialized agent can give you unique insights and show you policies that can protect your business in the case of an employee’s injury and lawsuit.
Whether you are an independent insurance agent or work for a larger company that offers business insurance, being able to offer your clients complete and comprehensive coverage can give them greater peace of mind. For some insurance agents, workers comp can be difficult to offer. However, if you want to add such a service via a third party, there are several steps you can take to find it.
Before you can offer your clients workers comp via a third party, it is important to consider what type of business they run. For example, IT workers will need different coverage than a dental or medical clinic might. Understanding your clients’ needs can be an important first step in finding workers compensation coverage.
When it comes to choosing third party workers compensation services, there are several factors you might want to consider. First, you should ask the company in which states they offer coverage and how many different programs are available. The more types of business a company can support, the more complete the coverage might be. Be sure to gather as much information as you can and ask questions before making your final decision.
For many insurance agents, workers comp can be a challenging issue. However, obtaining it on behalf of your clients through a third party can allow you to offer greater coverage.