Employers in most states are required to provide their employees with worker’s compensation insurance in case of workplace injuries or illnesses. There are three places where business can go to purchase this type of insurance:

•  Insurance Brokers
  
•  Insurance Companies
  

 Online Services

The question is how to go about finding the provider that best fits your needs. Here are a couple of things to consider when choosing workers compensation brokers.

Knowledge and Experience

Unlike insurance agents, who work as intermediaries for a specific insurance companies, brokers have special licenses and work independently with a variety of agencies. Brokers can specialize in different types of insurance, so you’ll want to find one who specializes in workers compensation. This means they should be experienced with workers compensation in your state including laws regarding coverage and the types of coverage best suited to your needs.

Coverage and Rates

Be sure to research a number of different providers to find the best possible coverage and rates for your business. Choose a policy that is affordable without skimping on coverage and don’t pay for more coverage than you actually need.

When choosing among workers compensation brokers, it’s vital that you find a balance between coverage and cost that meets the needs of both the employer and the employees.