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Topics: Workers' Compensation
Chief among what separates carriers are factors related to the trust and confidence you have in who you’re working with, and the added-value services they can offer to improve the way you run your business.
A carrier’s financial rating is a proxy for the strength of the firm. While workers’ compensation coverage is statutory, you need the carrier to be around and able to pay claims when they arise. A.M. Best is one reputable rating service.
An “A-“ rating, or better, is considered “very strong,” which is recommended. A.M. Best also rates the financial size of a carrier based on its cash reserves to pay claims. Look for a rating of 10 or higher (note that financial size ratings are listed in Roman numerals).
As opposed to other lines of insurance your clients carry, in workers’ compensation insurance there are no limits to the losses it covers in the workplace. That said, there are notable differences among the carriers and agents have a choice in who to work with.