The annual insurance renewal song and dance should not be a headache, but it also shouldn’t be ignored. In order to ensure that you are getting the best coverage for your business, there are five things you need to discuss with your insurance agent:
- Coverage – Don’t just assume that your agent is aware that your business expanded or downsized, what types of projects you’re working on or types of clients you have. You should be very clear with exactly what operations your business performs, in what states and with whom. Even details you think are mundane could be very critical. Some workers’ compensation programs like Hearten were designed by members for members, meaning there is a solution targeted to the types of risk specific to the human and social services industry.
- Claims – How do different workers compensation programs compare in terms of claims management? It’s important to consider which insurance carrier to work with in regard to the ease of reporting claims. Are they proactive in managing claims? Do they consider cost containment strategies? Do they offer return to work resources? For example, on average, Eastern Alliance gets injured employees back to work five weeks faster and save more than 30% on claims costs.
- Risk Management – What resources are available to help build a culture of safety? Through Hearten, members have are risk management professionals at their fingertips, as well as the ability to interact with peers in leadership positions at similar best-in-class organizations.
- Premium Fluctuation – In the traditional insurance market, there’s an expectation that premium rates will change from year to year. That makes budgeting tricky and can impact your cash flow. This is especially critical for programs who are nonprofit or depend on grants. With programs like Hearten, members appreciate stable rates and competitive pricing protection.
- Hearten Workers’ Compensation Captive – Insurance agents have many options to present to you when evaluating what workers’ compensation program makes the most sense for your business. You’d hate for them to overlook Hearten given the many solutions they offer to the above.
These are topics you should not only be talking about with your insurance agent, but issues they should be invested in for you and your business. If you need to be connected with an agent or want to learn more about the benefits of Hearten, don’t hesitate to reach out.
