Where Do You Purchase Workers’ Comp Insurance?
There are a variety of places to obtain Workers Comp Insurance. Workers Comp is regulated at the State level. In most states workers comp is mandatory for all employees. However, only certain coverage will be required depending on the incident and eligibility. The type of business you own and the size of your company will dictate what type of workers’ comp is right for you. Please familiarize yourself with your state’s rules and regulations before selecting a policy.
Typically you can utilize your State’s insurance fund. If you visit your state’s website they will offer you a variety of methods to get you insured. Some states may allow you to go through a private insurance company as well. Please be sure to research their coverage reliability and that they have expertise in the type of policy you will need.
Your state’s board can also authorize you to be self-insured for workers’ comp. This is usually for larger companies that have the financial strength to do so. Your company can either be self-insured individually, by becoming a member of a self-insured group or by being a local government entity that has yet to obtain a workers’ compensation insurance policy.
Generally, workers’ compensation is purchased separately from your general business owners’ insurance policy. It may be appropriate to contact your insurance broker, carrier or agent, check with your trade association, or conduct additional research to find the most appropriate insurance coverage for your company.