Workers' Compensation Insurance
for Insurance Agents and Agencies

As an insurance professional, you rely on your staff to keep your business affairs organized and help serve your clients. No matter whether you employee 20 people or only need the help of a few staff members, it's your employees who make it possible to keep your business running smoothly and enable you to grow your agency.

Though your industry enjoys a lower risk of work-related injuries, your staff still needs protection against the instances outside your control. Accidents happen to even the most insulated employees in the safest work environments. And without the appropriate insurance coverage, your insurance agency could be financially responsible for attending to your employees' medical expenses if something goes wrong.

Most states require that a business with employees carry adequate Workers' Compensation Insurance. Depending on where you live, however, these laws can vary substantially. But one thing is certain — if you have employees, your business only stands to benefit from this coverage, as it provides for the cost of medical expenses, foregone wages, and court costs if an employee sues your business for their injuries. Keep reading to learn more about Workman's Comp and how it fits into your business protection plan.

Workers' Compensation Insurance: Protecting Brokerage Employees

Workers' Compensation Insurance: Protecting Brokerage Employees

In the safety of your office, the thought of slips and spills may seem like a remote possibility. However, your Workers' Compensation policy accounts for the unexpected instances that could financially strain even the best-prepared business. For example, if your staff works at a computer for hours at a time, they could develop repetitive motion injuries, such as carpal tunnel syndrome. Other times, you may rely on your employees to lift boxes of files, which could lead to back injuries.

In the event that preventative measures are not enough to protect your employees, your Workers' Compensation Insurance can cover immediate medical attention (e.g. a trip to the doctor's office or ER), as well as other costs associated with the injury. This may include your employee's foregone income while they recover.

Many Workers' Comp policies also include Employer's Liability Insurance. This policy provides funds for your business if an employee claims their injury or illness was due to your business's negligence or failure to provide a safe work environment, and they sue your business for compensation. Your Employer's Liability coverage can compensate your business for defense fees, court-mandated settlements or judgments, witness fees, bond premiums, and more, up to your policy limits.

When you're ready to begin coverage and ensure your Workman's Compensation policy adheres with your state's laws, contact an insureon agent. Our insurance specialists will help you find a policy that fits your needs.

Workers' Comp for Insurance Agencies: What You Need to Know

Workers' Comp for Insurance Agencies: What You Need to Know

When searching for an appropriate Workers' Compensation policy for your insurance business, there are a few key details you'll want your plan to cover. And as you begin your search, you'll see there are no shortage of options and plans to choose from. To make sure your brokerage firm and your employees are adequately protected, keep the following tips in mind.

Insurance Agents: Know the Workers' Comp Laws for Your State.

If your insurance agency or claims adjusting business has W2 employees, your state probably requires that you have a Workers' Comp policy in force. The laws surrounding this coverage will vary based on where your business operates. For example, some states operate a fund for the insurance. For the most part, states allow private carriers to provide the coverage. On the other hand, some states require companies of all sizes have Workers' Comp coverage, while others laws only apply to businesses with a specific number of employees. To make sure your policy complies with the laws, you may need to do a little research to find out what your state requires.

If you are like most small-business owners and don't have time to spare, contact one of our insureon agents. We do the legwork of finding appropriate policies for you and will ensure your Workers' Compensation plan meets your state's laws.

Small Insurance Agencies: Consider Excluding Yourself from Your Workman's Comp Policy.

If you operate a one-person firm, your state may not require you to carry Workers' Compensation at all. As the sole proprietor of your business, however, it may be helpful to have the coverage. That way, if you suffer a work-related injury or illness, your coverage can provide for your medical attention expenses.

If you do have employees, you may still be allowed to exclude yourself from coverage, depending on your state's laws. Though this option can save you money, you should weigh it against the risk of having no benefits if and when you get sick or injured at work.

Risk Management Tips for Insurance Agents

Risk Management Tips for Insurance Agents

Though adequate Workers' Compensation functions are a last-resort when your best-laid prevention techniques fall through, your brokerage business should always strive to create a solid risk management plan. Here are a few tips you can implement to make a safer work environment for your employees:

  • Conduct safety training sessions with your staff, and demonstrate the proper lifting techniques for heavy file boxes or cumbersome items. This simple measure could save your employees from suffering lifelong back injuries.
  • Outfit your office with ergonomic furniture and equipment. Ergonomic office furniture makes a world of difference in preventing back strain and carpal tunnel syndrome.
  • Keep an organized office. A simple slip or spill over a misplaced cord could lead to broken bones and other injuries. Keep media cords out of walkways to prevent unnecessary accidents.

Ready to find a Workers' Compensation policy that adheres to your state's laws and keeps your employees protected? Fill out our all-online application, and you may receive competitive quotes in just minutes!

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