Workers’ compensation is a necessary part of a company’s insurance needs. Without adequate coverage in this area, you could leave your business open to countless lawsuits, major financial loss, and employees who are in harm’s way. While a standard compensation plan is fine in most cases, you also might find that it is best to take a closer look at your options. Certain alternatives can actually prove more advantageous to individuals who fit specific criteria. Look over these points and learn more about what choices are in front of you.
A Flexible Option
One of the biggest alternatives to think about is a self-funded plan. With self funded workers comp or captive options, you are given much more control over your coverage. The flexibility of the program design gives you many advantages, including access to the reinsurance market and lower costs all around. While there are plenty of finer points to consider before you make your final decision, it can be easy to see why a captive solution is an appealing alternative to so many business owners. Other insurance areas worth your time and attention include:
- Directors and officers coverage
- Errors and omissions liability
- Commercial coverage for vehicles
A Perfect Fit
There are a number of ways to go about finding insurance that reflects your needs as a business owner. When it comes to workers’ comp, be sure to take a look at what options you have and find a fit that works best.