Questions to Ask Your Agent
What is NOT covered by the policy?
Most workers compensation insurance policies cover an employee's medical expenses due to a work-related injury or illness. These policies also usually cover a percentage of an employee's lost wages due to the inability to perform work after a work-related injury or illness. Many policies also pay benefits to a deceased employee's dependents if the employee's death was due to an accident at work or illness contracted through the employee's job. Different policies will offer different levels of coverage depending on the hazards your employees face at work. Discuss various scenarios with your agent to determine the coverage your employees need.
How are claims processed?
Different workers compensation insurance companies will process claims in different ways. Make sure you understand ahead of time how to file a claim before any of your employees actually need to. This will facilitate the claims process and make any claims easier on both you and your employees. You will want to choose a workers compensation insurance company that has an easy process to file claims and receive benefits. Just as you will compare workers compensation insurance rates between companies, you should also compare the functionality of the claims filing process.
Does the policy cover events that occurred in the past?
Some workers compensation insurance policies may cover events that have already happened. In this case, the insurance company would reimburse your business and your employees for medical expenses and lost wages. However, many workers compensation insurance policies do not offer this option. If you are purchasing workers compensation insurance because you want to receive benefits for an injury or illness that one of your employees has already suffered, discuss your options with your agent. Be sure to ask about how eligibility for past events may affect your rates.
How are disputes handled?
You will likely find that some workers compensation insurance companies handle disputes well, and others do not. Before purchasing a policy, discuss the insurance company's policy on disputes with your agent. If your agent cannot provide a clear answer, you may want to go with another workers compensation insurance company. You will be better off if you have a thorough understanding of the disputes process before one of your employees needs to file a claim that involves a dispute. The customer service provided by your workers compensation insurance company is just as valuable to consider as your premium rates.
Workers Compensation Insurance Directory