When you work with an agent at a workers compensation insurance broker, you probably have multiple options for insurance policies through many different carriers. Although you probably have economic concerns, you may want to look for more than just affordability of your insurance policy.
These Traits Can Make a Good Carrier
Here are four other considerations in choosing a good insurance carrier:
- Does the insurance carrier offer risk management resources to reduce and prevent claims? These resources help you create a safer business.
- How financially stable is the carrier? The Financial Strength Rating of an insurance carrier represents the company’s ability to meet its commitments to its policyholders.
- What is the claims handling process? How fast will the company respond to a workers’ compensation claim?
- Find a company that has good customer service because you want a quick response from the insurance carrier.
- How much experience does the carrier have in your industry? An insurance carrier with experience can understand your business to provide adequate coverage. You should also consider the tenure of the insurance carrier in the industry.
A Strong Insurance Carrier Offers Peace of Mind
Your workers compensation insurance broker can help you answer these questions about different insurance carriers to allow you to make better decisions about insurance. Price is definitely important, but it shouldn’t be the only factor you use to choose an insurance carrier.