What type of coverage do you need?

Work InjuryWorkers compensation insurance is rarely an option for companies, being that most states require businesses to acquire coverage. This type of insurance can reduce the risk that your business has to pay expensive bills when a worker is injured on the job. However, there are many providers of this type of plan. You don't have to stay with the same insurer year in and year out. In some cases, it can be advantageous to find a new carrier since doing so can help to save you significantly. When should you look for a new workers compensation plan? Here are a few instances to keep in mind.

You've Had Numerous Claims

Like many business insurance products, the more claims you have against the policy, the higher the costs could possibly be going forward. In some cases, you cannot avoid claims. Injuries and accidents can happen at some point. However, when you have a large number of claims, it may pay to take a step back and look for a new plan that offers more affordability.

You've Put Safety Procedures in Place

Improving your workers compensation insurance costs often starts with new procedures and training protocols. When you take steps to minimize the risk your company faces—such as putting in place a safety team or implementing OSHA changes and requirements—it may be time to look for a new plan. Doing so could help to reduce your overall costs. The new changes could help you qualify for lower rates.

The Plan's Coverage Doesn't Meet Your Needs

Your business will grow and change over time. In fact, your operations methods and risks may change as well. When this happens, the amount and type of coverage you have may no longer meet your specific needs. A new plan can be better customized to fit your goals.

More Affordable Options Are Available

If you have been on the same plan for more than two years, you may qualify for a new plan with a new provider at a lower cost. In short, if you have not obtained a new policy in some time, talk to your independent insurance agent to find out if you can save now.

Workers compensation plans can be a business insurance plan you don't think about often. However, updating to a new plan can offer a variety of benefits to many companies. Take a look at what a new plan can offer to your company.

Get the right protection for your business. Call The Insurance Station at (800) 845-0489 for more information on Des Moines workers compensation insurance.

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