Whether you're in Saint Paul, Duluth or Minneapolis, selecting good workers comp insurance providers is vital. Let Statewide Insurance Brokers help.
- Make sure your agent specializes in Minnesota workers compensation insurance. While many agents offer workers compensation insurance in Minnesota, not all specialize in it. If your insurance agent is mostly selling auto insurance, chances are that their knowledge of Minnesota workers compensation insurance is rudimentary at best. When it comes to workers compensation insurance, you want to make sure that your policy is written by someone who has had experience crafting these types of policies in the past.
- Carefully choose your agent. Your insurance agent should be able to refer you to an agent who understands your type of business operation and who is financially stable and committed. You can also ask for a referral from a fellow business owner. Some insurance agents are direct writing agents, meaning that they are direct employees of the insurance company and will be limited to providing you only the coverage that their company offers you while an independent agent may be able to provide you with a variety of carrier options since they represent different insurance companies. You will have to determine which is best for you and your company.
- Ask questions. When you meet with the prospective agent, you should interview them. Ask them about their A.M. Best rating. A.M. Best ratings are given to insurance companies by an independent rating company, A.M. Best, and will tell you a lot about how the company does business. Companies with a rating of A or B should be considered, any lower and you should probably pass. You can also ask for their license number and check it with the Minnesota Department of Commerce.
- Shop around. You will also want to shop around and see who offers the best rates and coverages with their Minnesota workers comp policies. An independent agent is a good idea here, as they work with a number of insurance agencies and will be able to compare prices for you. Remember that if you work with a direct agent, you will only get information on the insurance company that they represent.
- Keep your policy up to date. Once you buy your policy, keep up to date on policy changes. Due to new legislation that is passed, insurance laws change. In addition, your business is not static and it to undergoes changes that may effect your worker compensation insurance. Make sure your Minnesota workers compensation insurance is up-to-date by contacting your insurance agent periodically to ensure that it is robust enough to keep you financially secure in the case of an on-the-job related injury.
For help in acquiring Minnesota Workers Comp Insurance, call Statewide Insurance Brokers at 888-258-0272.
