A worker's compensation plan is not only a requirement but a safety measure for all companies. Its main purpose is to protect both the employer and the employees from financial distress in case an employee is injured on the job. It does this by covering for medical expenses as well as reimbursing lost wages to the employee. By getting a compensation plan for your employees, you are protecting your company against lawsuits due to workplace injuries.
Basically, every worker's compensation company must adhere to state laws as far as coverage terms, liability limits, and benefits are concerned. This means that you are likely to get similar policies from each insurance company. However, there are many other factors that determine the quality of service you get for your premium. Therefore, you must look out for the following qualities before choosing a compensation company:
Quality of Customer Service
Reliability and availability are key for any customer service team. This applies to compensation service providers as well. Most of the time, workplace injuries occur unexpectedly or at odd hours. Since such incidences need to be reported as soon as possible, your compensation company must be available at all times.
The compensation coverage provider you choose should be easy to access whenever you have questions or concerns. Moreover, their team should be equipped with resourceful people who are ready to educate you more about workplace safety at any time. Besides this, there should be the option of online self-service where customers can get information at any time of day. Lastly, a real person should always be available on the phone to help you whenever a workplace injury occurs.
Level of Technology
As a business owner, you are likely to always have too much on your plate. This means that you do not have time to keep visiting your compensation plan company's office. Therefore, make sure that the provider you choose is technology savvy and that they have a functional customer portal.
For the customer portal to be beneficial, you should be able to access a majority of their services. For example, you should be able to pay your bill and report any cases of injuries on the portal. Moreover, a portal that allows you to manage claims and view compensation reports online will save you a lot of time. With such a company, you'll be able to focus on other important aspects of your business.
Level of Expertise
The best option when choosing a plan provider is to go for a company that specializes in compensation insurance. This is because they are more focused on that field, unlike companies that deal with all kinds of insurance. Additionally, specialized compensation insurers are equipped with knowledge about the region's laws and work policies.
The more expertise your compensation insurer has, the more money they are likely to save you. This is because they will be invested in making sure you adhere to all labor laws hence avoiding lawsuits. They will also help you in improving the safety of your workplace to save costs related to workplace incidents.
Availability of Safety Resources and Support
As much as a compensation plan provider is meant to compensate employees after injury, their main goal should be to prevent these injuries. After all, it is the most desired outcome for your business, your employees, and the provider as well. Before hiring an insurance company, ask them about the safety resources they offer.
The best compensation plan providers such as Doerfer Insurance always have a safety plan in place. They give your employees personalized training on how to stay safe at work. They also offer opportunities to speak with safety consultants to shed more light on workplace safety. Most importantly, they have in-field safety professionals who visit your workplace to ascertain that safety protocols are in place.
Excellent Claims Management Support
Despite having all the necessary safety measures in place, a workplace injury may still occur. Choose an insurance company that handles injury claims in time and without any friction between parties. The best way to know how a company handles claims is through customer reviews. Look for other businesses that have dealt with the insurer and evaluate their feedback on service quality.
Secondly, ask the prospective insurance company what policies they have in place in case an injury occurs. A valuable carrier should have plans to aid in the injured employee's return to work. This is because the sooner the employee resumes work, the better it is for all parties. However, your provider should provide viable options if your employee cannot return to work.
The Cost of Service
Lastly, as a business person, you must consider how much the insurer will charge you for their services. Since the goal of any business is to make profits, choose an affordable service provider. However, this does not mean that you should compromise on quality to save on costs. Evaluate the premium costs as well as other charges and see if they are worth it.
The best way is to do prior research and know what similar companies charge for compensation plan services. That way, you will have a rough idea as to what to expect in terms of the price. Most importantly, settle on the company that your business can comfortably afford to pay for.
Choosing the right workers' compensation plan provider will grant you peace of mind and financial freedom. This is why Doerfer Insurance is the most recommended compensation insurance agent in Baltimore, Maryland.
With over 30 years of experience in this field, you will have nothing to worry about as far as workplace injuries are concerned. Better yet, our prices are very affordable despite our services being of the highest quality! Contact us today!