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Four Things Your Clients Need to Know When Shopping for Workers' Compensation

May 24, 2016

Business owners rely on their insurance agents to provide sound guidance and practical insurance recommendations. With a deep understanding of their client’s businesses, state-specific insurance requirements and the differences between carriers and coverages, agents can be trusted partners who help business owners protect their assets, minimize risk and manage costs.

Here are four areas that agents should review with their clients to help them select the right insurance carrier.

  1. Does the carrier provide good overall value? While price is an important factor in selecting an insurance policy, it should not be the only one. Small business owners should be advised to look at the whole package of services a carrier offers. This includes a network of care facilities, return to work program guidance, loss control support, anti-fraud programs, claim handling efficiency, financial stability, flexible payment plans, as well as competitive pricing.

  2. Does the carrier help build a workplace safety program that offers tools and resources to help reduce workplace injuries? Inform small business owners about the resources available to help them mitigate workplace injuries, such as an insurance carrier’s loss control services.

    Explain that business owners can minimize workplace hazards and control workers’ compensation costs by promoting a culture of safety. Let them know why an effective safety plan is important. For example, it can help improve employee retention by demonstrating the company’s focus on employee safety, increase productivity by avoiding downtime due to injuries, and keep costs as low as possible.

  3. Does the carrier help build an anti-fraud program that offers tools and resources to help detect and mitigate workers’ compensation fraud? Many business owners are unaware of the risk of workers’ compensation insurance fraud in the workplace. There are proactive steps that can be taken to recognize the “red flags” of fraud and identify potentially fraudulent claims. Should business owners suspect potential fraud, direct them to their carrier’s Fraud Investigations Department.

  4. Does the carrier provide resources to build an effective return-to-work program? Businesses should be aware that an effective return to work program provides job site analysis, ergonomic evaluation and return-to-work coordination which can help their employees avoid potential wage losses while also helping to improve morale, increase productivity, reduce claim costs and retain valued employees.

Business owners look to their insurance agent as trusted business partners who will help them make good decisions to protect their companies and employees. Sharing timely and reliable information with your clients can help them select the best workers’ compensation carrier for their business.

For more information, please contact Patrick Kim, Workers' Compensation Specialist - 925.296.5478.

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