Workers Compensation is critical coverage to any business. It was designed to provide exclusive remedy in the event of a work related industry. Going without it subjects the employer to personal injury suits by workers and legal fines by regulatory agencies. Fortunately there are many insurance companies willing to provide this type of coverage at fair rates.
The key to attracting the best companies at the most competitive rate depends largely on the type of industry you are in, the loss history of your business and industry, the operation of your business and the attitude of owners and management toward loss prevention. Simple techniques like the use of safety glasses indicate how serious an owner is about being safe.
Underwriters pay particular attention to a businesses' loss history and the owner's attitude toward protecting workers. The more you can demostrate a high level of concern for the safety of workers the better your pricing will be. Underwriters rely on applications from agents and reports from loss control representatives in making decisions about extending coverage and at what price. Be sure and cooperate completely in describing your business operation and loss control plans. When higher risk exposures are discovered work with your insurance representatives to minimize these issues. This will position you for the best possible pricing.