If you are a small business owner with one or more staff working for you, getting insurance for your team is one of the smartest moves you can make. Insurance safeguards you as well as your business from financial liability that may stem from injuries or illnesses at or as a result of work.
For instance, if one of your workers slips and falls on, say, an oil spill on your premise and breaks their leg or back, they would need medical attention immediately. Depending on just how severe the injury is, the treatment expenses can really add up. And they can sue you for this, plus lost wages for days not worked, among other expenses.
But when you have coverage, the insurance company steps in to cover you, saving you from unexpected costs, securing your employee until they recover, and ensuring you’re compliant with the law.
So, how can you find an insurance company for your small business? The best place to search is online. That said, here are a few things you want to assess when comparing insurance companies for small business online:
Subscription and Pricing
The first thing you want to know before a provider is how much it’s going to cost you, that is in premium payments. At the end of the day, you have a budget in mind, and, being a small business, you want to find the best deal possible. So, affordable rates are key.
But in addition to pricing, the subscription plans also matter. That’s because the premiums may seem cheap but require you to pay yearly, which then becomes quite expensive. Coverage tailored for small business owners should ideally be month-to-month.
Industries and Locations Covered
Does the company cover businesses in your industry and location? This is also vital when comparing different companies as it will save you a great deal of time and complications when you need to process a claim.
The safest bet is to go with a company that covers almost all industries, including your own, and every part of the country. The latter is even more critical if your business is not location-bound.
You also want to know when your coverage kicks in after you pay. Now, for most companies, it doesn’t take too long. Still, even a day or two can make a difference. If one of your workers is injured between paying for your insurance coverage and its commencement, you will likely pay out of pocket.
For peace of mind, go with an insurance company whose coverage begins immediately. So, even if you are switching companies, there’s no gap.
Claims Processing Speed
Lastly, check or ask how long claim processing typically takes. Remember, in case of injury, you will need to file a claim with your insurance. They will then look at the facts and cover all the expenses. You want this process to be smooth and fast so that you and your injured employee can get back to business as soon as possible.
Want to Protect Your Company from Injury Liability? Consider Only the Best Insurance Companies for Small Business
Work injuries and illnesses can happen unexpectedly, even if you have enforced all necessary safety measures in your business. Unfortunately, the legal and monetary repercussions can be crippling. S, if you want to avoid all this, get insurance tailored for your type of business.