How to Get Work Comp Insurance (Workers Compensation Insurance)
Things You Will NeedSome need for information about workers compensation insurance companies and workers compensation insurance rates.
Step 1The very first step in getting work compensation insurance is to gather up your information. Insurers will need a lot of information in order to give a reasonably accurate quote on workers compensation insurance rates. For small business owners or contractors this might be something they have memorized. For contractors that might hire large numbers of workers for a specific job then this might require some research. The more accurate the information you provide when asking for a work comp insurance quote then the more accurate the quote you receive is likely to be.
Step 2It is usually wise to treat shopping for work comp insurance the same as you would any other shopping you do. You don't settle on the first price you see if it is a large purchase such as a car or an expensive appliance. No, you look at several places or models and compare features vs cost versus your needs. Workers comp insurance is required by law for most employers to carry. In these trying economic times it is important you get the best deal in coverage for the dollars you spend.
Step 3If you are not familiar with work comp insurance and don't understand your obligations by law, or the terms used by the insurance representative then you should ask questions of them. Most are happy to translate the technical terms to something the regular person can understand. In most cases a workers comp insurance representative is there not only to sell you that workers comp insurance but to help you get just what you need and be comfortable with it.
Step 4If you believe you may be exempt from having to carry workers compensation insurance (some rare cases are) then it is always best to consult an attorney or ask the insurance representative you speak to.
There are certain types of businesses in certain states that are not required to carry workmans comp insurance but professional advice is required to make that determination. State laws also vary as regard to a company being self insured but usually the amounts that must be given to guarantee self insurance make it impractical.