How Small Businesses Can Get Workers Comp Insurance Online

As a small business owner, there are certain things you can do without. However, there is one thing you cannot forgo: workers’ compensation insurance. All US states (apart from Texas) require employers to purchase workers’ compensation insurance, even if they only have one employee, but why?

For starters, workers’ compensation insurance guards against financial loss in case one or several employees pursue litigation after suffering work-related injuries. Secondly, workers’ compensation insurance provides lost income and covers current and future medical expenses for employees with on-the-job injuries, illnesses, or disabilities.

If you are ready to get workers’ compensation insurance, you can do so online; here’s how:

Determine Which Employees Need Insurance Coverage

The first step to getting workers comp insurance is determining how many of your employees need insurance coverage. Your business is small, which means you may not have permanent employees. With employees coming and going, you need to keep your workers’ compensation insurance up-to-date. You need to know which employees legally need workers’ compensation coverage. This way, you can anticipate the cost of workers’ compensation insurance, carry adequate coverage, and avoid run-ins with the law.

Calculate Your Payroll

Next, you need to calculate your payroll, which helps determine your insurance policy premium. Calculating your payroll is easy. All you need to do is add the total payroll of employees that need insurance coverage.

Request A Quote

The third step on how to get workers comp insurance involves contacting an insurance agency and requesting a quote, both of which can be done online. Before you request a quote, you need to have the following information at your fingertips:

  • Your business’s name;
  • Your business’s address;
  • The number of employees;
  • The total payroll of employees;
  • The type of work you perform; and
  • Your business’s Employer Identification Number (EID).

Submit Your Business Details

The fourth step on how to get workers comp insurance requires you to submit your business details. You do not have to submit your business details via phone or in person; you can do so online, which is easier, faster, and more convenient.   

Answer Follow-Up Questions

The insurance representative may ask follow-up questions about your employees. These can include whether they travel for work or work specifically from the office. Next, the insurance representative will assign your business a classification code, which you can use to renew your insurance.

Wait For Your Quote

The sixth step on how to get workers comp insurance involves waiting for your quote. Even though you are completing this process online, it does not mean it is instant. Insurance underwriters need time to evaluate whether they can cover your business and determine the premium rate.

Review Your Quote And Proceed With The Payment

The final step on how to get workers comp insurance involves reviewing your quote and submitting a payment. Some insurance companies bind coverage only after you make the first payment. On the other hand, some insurance companies bind coverage and send you an invoice for payment via mail. Make sure you understand you review your quote and understand your payment options.

Simple Ways On How To Get Workers Comp Insurance Online

As you can see, getting workers’ comp insurance online is easy. It is a seven-step process that involves determining which employees need coverage, calculating your payroll, requesting a quote, submitting your business details, answering follow-up questions, waiting for your quote, and making a payment. Gone are the days when you had to get workers’ comp insurance by visiting a company’s physical location. Now, you can complete this process online, which is easier, faster, and can be done from the comfort of your office chair.