How To Choose A Workers' Compensation Provider

By Rebecca Batisto

How To Choose A Workers' Compensation Provider

As an insurance agent, your reputation is on the line every time you suggest coverage to a client. You have worked years to build the trust of your clients, understand their businesses, and be responsive to their needs. If you’re looking to add workers’ compensation to your offerings, you need to do your due diligence to ensure the providing company is a good fit for you and your clients.

To help you evaluate and choose a workers’ compensation provider, we’ve spotlighted five areas you should delve into during your assessment.

Look For A Partner

You want a company with a solid reputation that will have representatives who are knowledgeable, responsive, and capable of counseling you on the best coverages for the situation. A right partner will want you to succeed, will educate you, and support you in putting together the appropriate workers’ compensation coverage options. Be sure to check the company’s reviews and inquire about any red flags.

Evaluate Claims Processing

You know that your clients will expect fast and efficient claims processing when it comes to their workers’ compensation claims. While each company will have its process, claims are time-consuming, so it’s essential to understand the provider’s metrics for managing the volume of processing and how quickly employees typically return to work.

Financial Stability

Any workers’ compensation company you evaluate will have a rating from a third party. Look for companies with “A” credit ratings since these companies must have a track record of paying claims. Your reputation is on the line if one of your clients encounters a payout issue, so make sure your provider is in good shape.

Price Competitive

Workers’ compensation coverage is a pricey undertaking for any company, and therefore will be for your clients. Look for providers who offer discounts, are willing to offer personalized pricing and work directly with you on underwriting. Your clients’ loss history will impact the ability to get coverage, and the cost of the coverage for which they qualify, so be sure you can work one-on-one with your insurance provider in order to offer them competitive rates.

Coverage Across State Lines

Many companies operate in multiple states, with offices and employees scattered across the company. State laws on workers’ compensation vary, which means these national companies will need coverage in each state in which they operate. Look for a provider who not only offers coverage in multiple states but can convey the intricacies and differences.

If you are considering aligning your firm with a workers’ compensation provider, talk to Normandy Insurance Company. Our representatives are knowledgeable and can help you evaluate the best provider for your firm and the needs of your clients.

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