Workers’ compensation is one the more complex areas of business insurance. It’s critical that you choose the right level of insurance for your employees in order to not only protect your business but also remain in-line with the latest regulations regarding worker protections. Our team here at Narvaez Insurance Services are experts in helping Napa companies select workers’ comp plans and in this latest post we’ll highlight three questions to consider in choosing the right option.
1. How Can I Determine the Optimal Strategy for My Company?
The optimal compensation plan for your company depends largely on your industry and the number and type of employees you have within your organization. The law distinguishes between contract employees and work staff within the organization, and it’s important that you choose a plan that also makes this distinction for coverage purposes. You must also work with an organization that has a clear understanding on the latest worker’s compensation laws, so that you can achieve a strategy that helps your company achieve optimal coverage and meet legal requirements while mitigating large expenditures.
2.What Challenges Will We Face in the Future?
Workers’ compensation plans should be designed for a fluid response to changes in both legislation and the company’s structure. And so, when building a workers’ comp plan for theNapa organization, it’s important to consider what challenges the company will face in the future and how to bestget ahead of those challenges with the latest insurance products. As a business owner, you should consider plans for growth and the costs that might be connected with introducing new employees to your workers’ compensation plan. Having this foundation will be critical in ensuring the plan’s success and in keeping the business protected for the future.
3.What Will be the Total Cost of the Program?
By understanding more about the initial costs of the workers’ comp program you choose, you can ensure your Napa organization is prepared to handle the insurance process while moving forward in other areas. This means working with an insurance firm that can give you a direct, free quote for the workers’ compensation program. The firm should be able to detail how often payments are required and the length of the commitment, to help you select the right plan for your organization.