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Tips on Getting Workers Compensation Quotes & Saving Money on ...

Workers? compensation insurance, also known as workers? comp or workman?s comp, is an insurance policy designed to protect a worker in the case of a job-related injury or illness. Almost all states require employers to offer workers comp insurance. Are you looking to buy workers comp for your employees, the best way to get stated is to obtain and compare workers compensation insurance quotes.

Well, how to get quotes for workers comp?

Many insurance companies with network access offer fast and easy price quotes for various policies, including workers compensation insurance. You can also get quotes for workers comp from insurance companies directly. To get a quick quote, there are some things you need to do.

1. Know some info about your company, including how much your company earns, how much is paid to employees each year and how many employees you have. The quote for your workers comp policy would depend on this basic information.

2. Do you belong to a professional organization (like the North American Contractors Association)? If so, contact them. A representative is likely to give you the name of an insurer that is popular with many of the group?s members. In addition, you are probably able to get a quote for workers comp at a discounted rate.

3. Get a quote for workers comp from your local insurance agents. Usually, small, locally owned insurance providers will be glad to work with you on a more personal level and offer you a highly accurate quote.

4. Also get workers? comp quotes from nationally renowned, highly regarded insurance companies. You can take advantage of quote finders on their official website, to gain the quotes. In general, these companies offer quote finders on the home page of their websites. Simply enter the information needed on the quote finder and print out the results.

5. Do collect quotes from several different insurance companies, whether online or through a phone call or appointment. Then compare these quotes, as well as terms and coverage. There is no basic rate for workers comp insurance. By comparing the quotes, you can find the best deals with the same terms.

After seeing these quotes, you may find workers compensation insurance would be expensive. No need to worry ? there are ways that can help you save money on the policy.

1. Avoid claims as much as possible. Workers comp insurance premiums tend to increase significantly after each claim, even if the claims don?t incur awards. Remember that, the fewer claims you file, the more money you can save on the premiums in following years.

2. Divide your employees into groups. It is recommended to buy full-coverage insurance for high-risk employees. For low-risk workers like clerical workers, a basic insurance policy (covering medical costs, but no need to cover certain accidents) may be enough.

3. Ask the insurer whether there are ways to lower you costs. Sometimes, insurers will give you suggestions on ways to reduce your premiums. Don?t be afraid to ask, as both of you care about workers safety and liability. Many good workers comp providers are willing to work with you to help reduce your risk of workers injuries and claims.

4. Ask for a group rate. If you have a large number of employees to insure, you are likely to get a group discount. This is especially workable if you buy the same level of coverage for all your employees.

5. You may also receive a discount if you have had the insurance for several years without filing any claim. Generally speaking, if you reach your third or fourth year without claims, you will be considered low risk and may be eligible for a discount.

Source: http://www.insurance-how-to.com/getting-workers-compensation-quotes/

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