There are a number of factors to look into when choosing the right policy.
To determine which workers compensation policy is right for your business, consider the following factors:
- Business Size: Small to medium businesses typically require standard policies, while larger businesses may opt for self-insurance.
- Industry Type: Some industries, like construction or rural work, may need tailored policies.
- Employee Headcount: Your workforce size impacts the type and extent of coverage needed.
- Risk Level: High-risk industries may require more comprehensive coverage.
- Claim History: A higher frequency of past claims may require more robust coverage.
- Regulatory Requirements: Different states may have specific legal obligations based on your industry.
- Cost and Premiums: Ensure the policy aligns with your budget and cash flow.
- Level of Employee Turnover: High turnover may impact the stability of your premium rates.
Consulting an insurance provider or broker can help you choose the most appropriate policy for your specific business needs. You may also contact icare to find the policy that is suitable for your industry and seek further advice.