Workers’ compensation insurance is major expense and concern for most businesses in California. Great coverage from great providers can rein in costs while providing ample protection for employees who are injured on the job – especially for organizations in construction, manufacturing, distribution, restaurants & hospitality, or real estate and financial services.
Unlike many forms of insurance, workers’ compensation insurance – or as many people refer to it, workmens comp insurance – is mandated by law, making it a quick decision for most business owners that they must factor into their costs. But a good workers’ compensation insurance policy can have a number of benefits, and with so many carriers out there, it helps to have a company like Radius Insurance on your side guiding you in the decision making process.
Factors in Choosing a Workers’ Compensation Insurance Plan
There are a number of factors you’ll consider when choosing your workers’ compensation policy. These might include:
- Rates
- Territorial debits and credits
- Legal compliance with statutory limits
- Proper classification of your operation and employees
- Accurate Payroll projections
- Monthly reporting and billing options
- Coverage of injuries that occur in states outside of the one in which you normally operate, especially if there is frequent travel.
- Company’s Am-Best ratings, financial strength and claim handling reputation
- Availability of Loss control and safety program assistance
