Engaging A Workers Compensation Broker In Mississippi

choose your insurance broker wisely

choose your insurance broker wisely

No one wants to spend more on their business insurance than they have to, and thats one of the key benefits of engaging an insurance broker. Of course, youll want to select the right broker for your needs; a broker with experience.

Not every broker, however, has experience with workers compensation insurance. They may be very competent in finding you coverage, and in the short-term it could be very competitive coverage, but can they provide the services you need to manage your workers compensation costs over the long-term?

5 Steps to Controlling Workers Compensation Costs with Help from a Mississippi Insurance Broker

1.Choose a broker with expertise in workers compensation. While brokers do not set the prices or close workers compensation claims, they can ensure that the insurance company keeps your best interests in mind when decisions are made with respect to claims and claims resolution. Finding this kind of broker is step 1 when it comes to developing a successful workers compensation cost management program.

2.Choose the right insurance company. A good insurance broker will be able to understand your needs and help you find the right insurance company to cover your workers compensation needs. In addition, he or she will understand that their role in the cost-management process is not a passive one.

3.Choose a broker with Mississippi experience. Every state has a different set of rules and challenges, and an insurance company that doesnt specifically focus on Mississippi laws will not be able to handle your claims efficiently. A good workers compensation broker will work to protect the employers position on liability for benefits while being sensitive to costs.

4.Choose a broker who has something to say about safety. You know your business well, but an outsider with experience in insuring the safety of your workers will be able to give an unbiased viewpoint on what you need to do to improve safety, train workers, and keep your workers compensation premiums low. Where do you need to display signs? How should you recognize employees for doing their jobs safely?

5.Provide a company-wide health insurance policy. This is clearly one of the most challenging business economies every recorded and businesses are not only tightening their belts, theyre working like mad to control any rise in costs. That being said, there are enough studies to show that offering medical insurance delivers a host of benefits for employers. Employees who are uninsured often turn to workers compensation to treat their conditions. A good insurance broker will be able to analyze your risk and design a package that meets your needs.

What to Expect from Your Broker When a Workers Compensation Claim Has Been Filed

Separation from their work place and the lack of communication from their employer is often the reason injured employees seek an attorney or obtain legal advice regarding their claim. When a workers compensation claim is litigated, the cost of claims and premiums rises and this can affect your companys reputation in the industry as well as its financial outlook.

Its important to rely on the advice from your broker and help manage communications with your injured worker when a claim has been filed. Most brokers will advise you to communicate interest and concern in your employees health situation. Employees who have been treated well rarely see the need to litigate for workers compensation benefits, so ensuring that you are doing your part is critical.

by: Project

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