4 Things You Need to Know About Workers Comp Insurance

Workers Compensation – something every business needs to keep their employees safe. Here’s your quick guide to this state-mandated insurance.

Workers compensation is a state-mandated insurance that covers the cost of any medical treatments, recovery, and loss of wages as a result of  work-related injury or illness. Having this insurance protects both the employee and employer. Employees will have medical costs covered for their work-related injuries and employers are protected from negligence suits.

1. Minimize Risk

The most obvious (and important) way to reduce workers comp claims is to prevent injury by creating a safe working environment. Ensure that all employees are properly trained to use the necessary equipment, be sure to revisit and update this safety training annually. Additionally, post safety instructions and emergency procedures clearly around the office.

2. Work With Specialists

Consult industry specialists, from engineers to insurance agents, who can assess your business and identify any exposures. We have specialists in a variety of industries that can make practical suggestions to minimize risk.

3. Stay Up to Date on Regulations

Workers compensation insurance is unique in that it is state-mandated. This means that every state has a slightly different requirement for coverage. Failure to purchase insurance can result in hefty fines, so it’s important to know your state requirements. Our agents can help you stay on top of changing regulations in all 50 states.

Provide information to your employees about their workers comp protection. Many companies provide an information brochure at the time of hire with the general process, reporting deadlines, and a contact number for questions.

4. Act Quickly

When a claim arises, it is important to attend to the paperwork quickly. Delaying the process for the employee could open you up to a lawsuit. Be sure to give the employee all the necessary paperwork and reach out to your insurer to file the claim.

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Stay tuned for more insurance information. If you have any questions or would like a free risk assessment for your current coverage, please get in contact with a NextAssure agent!

 

Our Values

As our team is growing, we have been making an effort to pin down our values. We did an internal branding workshop as a team to really define what’s important to us. We talked about goals we had for our customer experience as well as our personal and professional goals. It was a great team experience to sit down and reflect on ourselves and our brand. Below are the values that we commit to every day.

As a startup or young company, how did your team put together their values? We’d love to hear about the process!

 

1. Commit to Compassion

You’re a person, not a number. Every interaction is intentional and genuine, with kindness at the core of all.

2. Demand Excellence

Excellence is critical when it comes to providing the best in class service. With every step molded by excellence, we represent you and make sure you only get the best.

3. Collaborate Candidly

Always collaborating, everyone contributes and takes personal responsibility for the roles we play to help each other. We communicate clearly and frequently – making sure to always keep it simple.

4. Foster Intellect

We foster an insatiable appetite for knowledge and fuse it with our 30+ years of collective experience, to be your source of knowledge – from navigating complex regulatory changes to what the latest is in the industry. Always eager to learn, we aim to not only learn ourselves, but elevate others to do the same.

Meet NextAssure

The Next Level of Insurance

NextAssure is an independent, client-focused insurance agency. We are the creative consultants and affable advisors as you pursue your most daring dreams. Committed to your long-term success, we listen and understand your goals, analyze existing coverage, and carefully craft protection plans.

Insurance is complicated—let’s make it simple. We absorb and assess your needs to deliver comprehensive packages, you can focus on minimizing your risk – whether for your children or your business.

An Insurance Blog?

Here at NextAssure, our values inform a lot of our projects. Keeping in line with two of our core values, Foster Intelligence & Communicate Candidly, we decided to start a blog. This keeps us committed to staying on top of changing regulations and industry trends. It also allows us to communicate candidly and transparently with our clients. We want to collaborate with industry leaders and learn more about how we can better serve our clients.

In the coming weeks, we’ll elaborate on our values, our team, and dive right into the issues that matter to our clients.

If you have an insurance question or would like a free quote/consultation please don’t hesitate to leave a comment!