It is simple. You need to have workers’ compensation insurance. But, you hate to overpay for it.
You keep a safe work site. You do your best to ensure employees never suffer an injury on the job. Yet, you still need to have this coverage. One step to take is to work to reduce your costs. Joining a professional employer organization can help you to do this.
If you are part of or become part of one, ask your business insurance agent about discounts that may apply to your policy.
What Is a Professional Employer Organization?
This type of organization helps to provide some of the services employees need. When you join this program, some of the services you get from the organization can keep your costs lower.
For example, this organization might help you to obtain human resource management. They can also provide employee benefit management services. Some also link your small business with others to guide you in buying workers’ compensation insurance. In this manner, it may allow you to see a reduction in the cost you pay for coverage.
When Should You Join?
It is very important to learn as much as you can about the organization. Find out what type of clients they have. Learn about the policies and services they offer. Before you buy workers’ compensation coverage through its means, consider the following
- Is this provider the most affordable option for workers’ compensation insurance? To find out, obtain quotes from several insurers. Ask your insurance agent to compare the options from their partners.
- Is this policy comprehensive enough? Some can be very limiting. They may not offer enough protection to meet your needs.
- Does the policy meet any state requirements? Again, some policies can have very strict limitations.
- Do you benefit from other services offered by the organization? If not, your costs may be too high.
- Are you already saving money by obtaining your business insurance from a trusted agent?
The key here is to learn what the organization has to offer. Then, determine if the professional organization is providing the most affordable options.
These programs often require annual audits. The amount you pay depends on the number of employees you have and any changes in your organization. You do not want to end up in a situation where you do not have the coverage you need. Be sure you contact your Bay Area business insurance agent get the coverage you need.