Purchasing worker’s compensation insurance is a requirement in all 50 states with the exception of Texas. If you happen to own a small business from Maryland, it’s imperative that you understand the basics about Maryland workers compensation insurance so that you will be able to protect yourself and your employees from possible problems from work. The worker’s comp insurance program was created to provide monetary forms of compensation for the employees in a situation where a potential accident causes an injury which results in lost wages. This injury must occur during work hours, while doing a task for the job. It does not matter whether the employee or someone else is negligent for the injury that occurred. This is called no fault coverage. This saves most people the trouble of going to court. The employee will be able to receive all of his benefits, without employers needing to admit any type of liability for the illness or injury that was caused. When you begin to search for agents that will offer worker’s compensation coverage, here are a few tips to consider:
Experience
Just like with any other type of insurance, it’s important that your agent have experience handling these types of cases . Along those lines, you need to go someone in that industry and to someone who will give you the most coverage for the lowest provide. If the agent has enough experience, he or she will be good enough to explain the entire process to you. He or she will discuss the discounts and a bit of advice to go along with it. There are definitely many companies in the market today that will be able to offer you great service while providing great coverage. Even though all the companies don’t necessarily provide Maryland workers compensation insurance, it will be important that you look for agencies that do provide this type of insurance, while giving you tons of choices to look through.
Availability
How available your insurance provider and agent are is also an important consideration. Even though it would be unrealistic to request your agent’s attention at midnight, it’s expect that your agent return your calls and answer all your questions. Ask your agent if they have a 24 hour customer service line you can direct all your questions to. Maybe, they might even have an operated answering machine that tells you what you need to know? It’s always better to just ask. Your agent should return all of your calls in a timely manner because you need to know that he’ll be there for you if the time ever came where you needed him.
Auditing
For any underwriter for worker’s compensation insurance, it’s important that they audit. All the rates and premiums you have are heavily dependent on whether claims are reported accurately and the annual sum of payroll. If the agent does not do a good job, it can have a huge effect on your premiums. If they charge you too little, the insurance agency might lose its liquidity, making it unable to ensure your compensation later on.
Using an agent that works well in the industry will be a great upper hand. Providing your business with the best insurance is the only way you can guarantee your company and employees get exactly what they need, when they need it most.
