Workers compensation insurance is considered a necessary evil for many employers in Missouri. It is required in Missouri for one simple reason: to protect employees and employers. The “no-fault” coverage protects both parties when an employee is injured on the job. Employees are provided medical treatment for their injuries at no cost and reimbursed for lost wages if they are unable to return to work during recovery. The employer, in turn, is protected against lawsuits due to injuries.
Every insurance company must conform to state statutes on coverage terms, limits of liability and benefits. To this extent, all companies are equal. Beyond that, however, there are a number of variables that determine the value you receive for the premium you pay. The benefit comes when you select a carrier that is a partner invested in the success of your business. When that happens, work comp becomes an advantage, one that protects your people and your business’ bottom line.
Does your provider have the following qualities needed to help you succeed?
1. Customer Service
Your provider should be easy to access when you have questions or concerns about claims, premium payment, workplace safety or other coverage. Look for a company with a website for:
- Conducting transactions, such as paying your premium and reporting claims
- Getting answers to your questions about work comp or your specific policy
- Downloading safety policies for your workplace
These are valuable tools that should be available anytime. When online interactions just won’t do, pick a carrier where an expert answers the phone and can assist in the matter of minutes, so you can get back to running your business.
Many insurance companies that provide work comp also provide other types of insurance. For some businesses, having all insurance packaged together streamlines your choice and administration. But to get the most for your work comp premium, look for a company that specializes in workers compensation insurance. The sound advice you’ll receive can save you in the long run. With an experienced carrier that understands the region’s work comp laws, you are better equipped to avoid law suits and other potential costs associated with workplace accidents. You’ll gain the peace of mind you need to run your business successfully.
3. Fraud Prevention
To many insurance companies, work comp fraud is simply a cost of doing business. This might work for large companies, but they’re not the only ones footing the bill for fraud. Businesses like yours are paying for the work comp fraud of others with rising premium, and you don’t have to stand for it. Look for a company dedicated to fighting fraud and results to prove it.
Training and education are crucial to keeping costs low. A good carrier will provide access to staff and materials to help keep your workplace safe and claims under control. Every carrier sells a policy. Some give you the value-added benefit of understanding work comp and its impact on your costs. From general education, to safety training specific to your workplace, if you’re interested in doing more than writing a check for your work comp policy, partner with a carrier with abundant resources to share with you.
The value you receive for your premium dollar should be of paramount importance. You could find several different prices for the same coverage, but the old adage “you get what you pay for” holds true with work comp. The cheapest price won’t deliver you the key ingredients necessary to control costs for the long term and get the best value for your premium dollar. Unfortunately, you may not realize this until an employee claim is not being handled appropriately, you need help identifying hazards in your business or you expect an answer when you call.