Whether you are a small business owner or corporate executive, protecting your employees is no small undertaking. Perhaps you worry that the cost of insurance will be too much on your budget, or maybe you just don’t know where to start and what questions to ask. With the help of a Workers Comp MGA (managing general agency), you aren’t all alone in the search for quality coverage.
As you think about what type of compensations and benefits you need to offer employees who have been injured on the job, you should first look at what your local state requires. In addition to their regulations, conduct a risk and exposure assessment to understand your industry, processes, location and incident trends.
By using a Workers Comp MGA, you will often receive help in these areas before they even underwrite your policy. An MGA has a preferred status, often with nationwide and highly rated carriers, giving you an edge in choices and options. Look for an MGA that can offer you the following:
- Marketplace influence
- In-house underwriting
- Large deductible programs
- Multi-state operations
- Flexible payment terms
- Captive insurance programs
Selecting a Workers Comp MGA will be the first step in answering many of your commercial insurance questions, but you will also have a partner in the event of an incident or accident.