Many companies look for ways to simplify business management. One way to do this is to outsource your payroll services. Having a third-party handle these tasks can save you time and labor costs.
However, not all services need outsourcing. In some situations, outsourcing can put your company at significant risk. Workers compensation insurance is one of those situations.
What's the Problem?
Some companies invest in payroll services that provide workers compensation coverage. This might seem like a good idea at first. However, there are concerns with getting coverage in this manner. For instance, the company's payroll service might not be able to provide specific advice and guidance on workers compensation insurance. This is something only a business insurance agent should offer. This makes it more important to get your workers compensation from a business insurance agent.
Specialization Is Important
Workers compensation insurance is one of the more expensive forms of coverage for companies. It is also one of the most important coverages to carry – so much so, that it's required by law. Thousands of workers are injured on the job each year. And in some industries, injury risks are particularly high.
The U.S. Department of Labor reports that the highest number of risks occur in such occupations as non-construction labor, truck driving, janitors, and nursing assistants. Yet, risks are present anywhere. When they occur, companies may have to pay for all losses, including medical bills and lost time at work. This can be costly, so having an experienced, trusted business insurance agent to manage these risks is critical.
It is Costing You Money
Often, workers compensation insurance coverage purchased through a third-party service, such as a payroll company, will cost more. These companies usually do not negotiate lower rates. They do not offer solutions for lowering costs. Many do not know your business. They cannot help with discount programs. All of this ends up costing most companies more. It raises your risks, too. That is something that's not ideal.
Consider using a specialized workers compensation insurance agent, such as Prestige Insurance Group, instead. Discuss your business at length. Learn about all policy options. Find out how to reduce your costs. Ask about discounts for training programs. Our agents can help. We can offer affordable coverage that matches your needs. Get in touch with us to learn more.