How Do I Differentiate Between Workers Comp Insurance Providers?

Small business owners are faced with lots of tasks that only remotely belong to their business activity, such as managing their business insurance policies. In most states, the businesses that have employees are required by the law to have workers compensation insurance, a form of insurance that provides coverage for wage replacement and medical expenses in the case of work-related injuries and accidents. Like it is the case with any type of insurance policy, not all insurance providers practice the same rates and offer the same conditions, which makes picking the best insurer a complex and confusing process. Here are some tips to help you choose the best policy, a few factors that you should have in mind while evaluating available policies.

workers comp insurance Colorado

Insurance Broker or Insurance Company

Most insurance companies sell policies themselves and they also work with independent and captive agents and agencies that sell their policies for them. Turning to an insurance agent for your workers comp has benefits as well – many agents and brokers work with multiple insurers, therefore they can help you pick the policy that works best for your business and many of them also provide additional services, such as claims assistance and being local specialists, you can turn to them anytime for help or information related to your policies.

Reputation and Longevity

The insurance industry is a highly competitive segment, with lots of players in it, some long-lived, others newcomers. Ideally, your insurance company is one that has long experience in providing workers comp insurance policies – that feature will allow you to check the opinions of previous clients on online review websites and you can get an idea about the quality of the services provided by the insurer. While verifying reputation, look for information about the insurer’s claims management practices, their willingness to pay, their helpfulness and willingness to negotiate as well as about the efficiency of their payment processes.


Not all insurers and agents specialize in workers comp insurances, so before you pick your provider or your agent, find out about the expertise of the specialists or the companies that you are considering.

Support, Help and Technology

The prevention of workplace injuries is in everyone’s best interest – the employer, the employees and the insurance carrier are all interested in taking every step possible to avoid accidents. A good workers comp insurance Colorado provider offers their clients access to tools and resources that help businesses improve workplace safety by helping them learn about prevention best practices. You also needs a company that provides 24/7 customer service – accidents can happen any time of the day and you need an insurer that makes it possible to report events in a timely manner.

Ideally, your insurance carrier also makes it easy for you to manage your policy and your payments. You need a carrier that has a solid, safe and reliable online platform through which you can manage all your insure-related tasks, including the payment of your premiums, any changes that are necessary as your business grows as well as the process of submitting claims.