You’re going to run your own business, and you need some coverage, that’s why you need to buy an affordable workers’ comp Insurance policy. As you’re running a small business, you already have many business expenses, however, is an affordable workers’ comp insurance policy worth it? Continue reading to know more about this topic.
The key takeaways:
- Affordable Workers’ comp insurance does not always mean good quality claim service.
- Large insurance companies will always give you more trust to solve your business insurance claims.
- Shop around different workers’ comp insurance companies to obtain the price that fits your business needs.
Comparing large workers’ comp insurance companies
Many business insurance companies have very Affordable Workers’ Comp Insurance coverage for your business such as GEICO, Travelers, or Liberty Mutual. However, each of them has several pros and cons.
- GEICO has the most discounts for your business in the industry your business is working on. They give you really fast workers’ comp coverage.
- Travelers have the best workers’ comp policy for those businesses that need good quality/price coverage. They offer a flexible solution for your business, and their claim satisfaction rate is good.
- Liberty Mutual is the best one when you really want to take care of your workers. They identify the possible risks or hazards from your work, they also teach you how to reduce accidents and illness in your business, and they support injured workers, this way they come back to work soon.
In most cases, I recommend you choose those large companies because they have high financial strength, and their claim satisfaction rates are, in most cases, superior.
There are many new online business insurance companies nowadays
Yes, many online business insurances offer much online business insurances offer affordable workers’ comp coverage, however, are they worth buying? Are these online business insurance companies legit or scams? Let’s look closely at several affordable workers’ comp insurance companies that they offer you extremely cheap premiums for your business.
Are affordable workers’ comp policies from those new online business insurance worth buying?
It depends, as we all know each state requires by law different business insurance coverage, in the other hand, our topic is about affordable workers’ comp policies from online business insurance, each workers’ comp insurance company that offers cheap policies has its pros and cons.
Pros
- In most cases, you can get a workers’ comp insurance quote within minutes. You only need to fulfill some of your business information such as the number of employers, your business address, the industry of your business, or your annual payroll, and you will obtain it.
- Most online business insurance is focused on small businesses, such as plumbing, or painting.
- You can customize your policy as you like.
Cons
- Their workers’ comp insurance policies are too good and cheap to be good, it seems like you’re paying too less for your business coverage. However, this is my personal opinion.
- You need to do a lot of research to be completely sure that the online business insurance is legit or not.
What works’ comp companies are worth having a try?
Simply Insurance coverage begins within 24 hours, and they don’t have any good or bad reviews on Better Business Bureau, however, their rate is A+.
Certity Insurance offers a good workers’ comp policy for small businesses, they offer a month-to-month payment option. Their rate on Better Business Bureau is great (-A), however, they had 2 reviews and both were from 1 to 2 stars.
Pie Insurance offer a payment option “as you go”, that perfectly fits workers’ comp insurance policies, and their payment options can be annual, semi-annual, quarterly, or monthly. Their compensation claims are all managed through CorVel Corporation. Even so, you must consider that their Better Business Bureau rate is -C.
Final thoughts
Online business insurance is here to stay, they’ve been developing their services for several years. In some cases is just a startup, with short experience in this industry. It’s tentative to buy their affordable workers’ comp insurance policy, the cheapest one cost $16 per month, which is ridiculously cheap, but, at what cost for your business?
I personally recommend any of the large business insurance companies across the U.S. instead of the new online business insurance companies due to the lack of trusted information about their services, such as J.P. Power, or AM Best. In that case, I check Better Business Bureau because it’s a legit webpage to verify how good a business is.
You can read more about this post here.
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