Purchasing Workers’ Comp

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New business owners can find that purchasing their first Indianapolis Workers’ Compensation package to be a bit daunting. As this complex process is required for the majority of businesses, implementing this risk management strategy can cause additional stress. Therefore, as a new employer, take the following considerations into account when shopping for your coverage.

The Basics

State laws govern the requirements for workers’ compensation coverage. For example, some states don’t require you to carry the coverage unless you have 15+ employees, and some states require the insurance to be carried with 5 or more workers. However, Indiana requires all employees to be covered by workers’ compensation. Next, it is important to note how the premium payment will be calculated and exactly what it covers. For these reasons, new employers need to consult with their trusted insurance agent to provide guidance on obtaining a policy that is best suited for their risks.

Job Descriptions

In order for your business to be properly categorized, each person’s job description must be explained in detail. There are over 700 categories to choose from, all of which will help determine your risk and premium price.

Payroll Projections

Workers Compensation Consultants states that your premium calculation is based on payroll times the rate per 100 for the job classification in which your employees are assigned. In other words, the payroll figures serve as the “exposure basis” for your policy. Therefore, these projections need to be as accurate as possible. Further, new business owners must be prepared to be audited to determine the accuracy and validity of their payroll projections and risks. Once the first one is completed, an exact premium will be calculated.

Monitor Changes

Throughout the course of the year, your insurance provider needs to be informed of any changes in your figures. This way, audits will run smoothly and you won’t overpay for insurance.

At Walker & Associates Insurance, we understand the broad scope of risks that business owners face. Our underwriting expertise and longstanding community representation enables us to offer comprehensive and affordable packages for a variety of businesses. For more information, we invite you to contact us today at (888) 920-2139.

Faster hiring.

Staffing firms recruit all hours of the day and will constantly have a flow of potential candidates for businesses. They also have a large pool to pick from that builds up every day. Businesses will get a large list to choose from when it comes to hiring a staffing firm for temp positions.

No Need to train.

By working with these agencies, owners can specify the skills their desired temp employee needs. This reduces the time it takes to train new employees which allows them to be put on the floor right away.

Beats in-house hiring.

This process will take too long to complete and be hard to manage.

At World Wide Speciality Insurance, we have the right policies to protect your Staffing firm. We go above and beyond by tracking developments and ensuring that your staffing industry is ready for change and protected with the right insurance products and services. For more information on how we can provide the best coverage for you, call us today at (877) 256 – 0468.

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Purchasing Workers’ Comp