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As a business, you should update your workers' compensation insurance annually. Sit down and speak with your business insurance agent. Learn about opportunities for you to save. Find out about laws that may now apply to how you offer coverage. The key here is to remain informed.business owner meeting with insurance agent

There are a few key factors to consider for 2018. Now is the time to plan for your coverage for this year.

Discuss Your Claims

Discuss any workers' compensation claims you had in 2017. You need to know what types of claims you filed. Your business insurance agent can help you find the answers you need. Then, ask the following questions:

  • Could you prevent this type of claim from occurring again? If so, consider training programs or other steps to reduce risks.
  • Is there a particular type of claim more common in your industry? Expand your plans to minimize these claims risks in your business.
  • How much did your claims cost you? Do you have enough workers' compensation coverage in place? Does your policy need a closer look?

Your business insurance agent will work with you to consider your current policies. If there are concerns about an existing policy, update them now. In 2018, you may find claims are more expensive. It may cost more to cover your employees. And, your risk class may also change. This may indicate the need for different coverage.

Learn About New Laws and Policy Changes Impacting Your Coverage and Requirements

Various areas of law are changing in 2018. This includes reporting requirements. For example, the U.S. Occupational and Safety and Health Administration (OSHA) is putting an electronic filing option on the table. It may require you to file all your employee injury claims online. This may help streamline the reporting process. It may also increase the number of claims filed. Discuss your recent OSHA violations or claims. Learn about local laws for reporting workers' compensation injuries, too. Some states now have electronic filing laws in place.

Learn about your current policy. Look for areas you can improve it. Minimizing risk to your employees is always a good goal. Reducing financial loss to your company is just as important. Do not overlook the importance of this. Every business should review insurance coverage at the end of the year. Update it with the help of your business insurance agent. This helps minimize risks to your business for the next year. For assistance or more information, contact one of our agents today at 972-234-5588.

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