Workers Compensation Insurance: What You Need to Know

Without the right worker’s compensation insurance, your business opens itself to a lot of uncertainty. A worker’s liability to a business is substantial, so much so that without the right insurance policy, it could put you out of business. In Australia, worker’s compensation insurance is required and therefore you need to make an educated decision on which one is best for you.

Business owners should spend adequate time researching and seeking advice before making a final decision on which policy to sign. Here are a few key factors to consider when deciding which worker’s compensation insurance policy is right for you.

They Need to Really Understand Your Business

Businesses aren’t black and white. Although an insurance company may want you to sign a stock standard policy they put in front of you, it will more likely end in heart ache down the line. The right insurance company will spend the time to assure they understand your company; what you do, where you conduct business, how many people you employ and what policy would be best for your industry.

If your insurance company or broker are not asking these questions, it may be time to move to a more devoted insurance company that spend their time and resources understanding what it is you really need in your policy.

This Is Important, Take Your Time, Shop Around

Don’t be rushed into signing an insurance policy straight away. Insurance companies should not push you into making a quick, uneducated decision. Every insurance company has multiple policies with different prices that cover various situations. Finding the right cover is not as simple as going to one insurance company and taking the first option they put in front of you. Don’t be afraid to walk away from one offer and shop around for something that better suits your company. They all want your business, use this to your advantage.

Tailor the Policies to Your Business

What many entrepreneurs don’t know when looking for worker’s compensation insurance is that the policy can be tailored to meet the specific needs and requirements of your business. You should have a discussion with a broker to make sure you’re not missing out on any essential policies. Brokers have the know-how, the tools, and the best advice to make sure you get the right worker’s compensation insurance policy for your company.

Ask Questions

Most businesses use brokers to help find the right worker’s compensation insurance policy specific to their needs. This is recommended as the right skilled professional broker will assure your business is covered for the situations you need to be covered for. However, you need to make sure you ask questions, to make sure they are the right broker for you. A few key questions to ask your broker include;

·       What are your qualifications?

It is important to make sure your broker has the right qualifications to represent your company correctly. This simple question can save you from a lot of time and money in the long run.

·       Do you have experience with similar companies to my own?

Just like an insurance company, a broker needs to understand your business, your needs and what you are looking for in your insurance policy. Utilising a broker with comprehensive experience in a similar industry to you own comes with many benefits.

·       What makes them stand out from competitors?

You need to be assured that you have the best broker for your budget and requirements. Ask your broker what makes them stand out from their competitors. Make them prove to you that your time and investment will be well spent using them as your broker.

Finding the right worker’s compensation insurance can be a long and sophisticated task. An overwhelming number of insurers, both local and international, say they can provide the best insurance to suit your business. This often leaves you unsure and unsatisfied with the stock standard policies they present you with.

A good insurance company or broker will take the time to gain a full understanding of your business needs and circumstances, to find the best possible solution that’s unique to you. If they don’t take this time and prove their ability to tailor a policy for your specific requirements, you may be with talking to the wrong insurance company. The most reputable insurance companies and brokers will be 100% transparent, willing to answer your questions and drive flexibility in what they can offer you.