Alabama Workers’ Compensation Insurance: How to Find the Best Rates

Does your Alabama based business need workers’ compensation insurance? Be aware that several factors will influence your policy premium, including the number of employees needing coverage, the nature of the business and your claims records. Different carriers offer different levels of coverage and rates vary, so it’s wise to shop around before signing on the dotted line. The experienced brokers at The Nowell Agency have provided valuable tips on how to keep your business insurance costs in check.

  1. Familiarize yourself with state regulations: Rules on how workers’ compensation insurance applies to your business are determined by the state in which you operate. If your business operates outside Alabama, you must comply with the insurance laws of that state as well. Knowing where your employees will be required to work can help you get accurate quotes and properly compare coverage and rates.
  2. Classify employees correctly: Premiums are typically calculated according to the type of work your employees perform. Accurately classifying what a particular worker does can ensure that you are paying for the right coverage.
  3. Maintain safe working conditions: Your claims record has a significant influence on the premiums you will pay. Insurance carriers use the number of claims made in the past to gauge the likelihood of future ones. Naturally, a long record of no claims puts your business in a more favorable position. Implementing safe working conditions and educating your employees on work safety reduces the possibility of accidents, injuries and claims.
  4. Evaluate your insurance rates and coverage every couple of years: Changing trends in the insurance market place, a clean record and/or moving to another carrier can sometimes lower your premiums. That is why you should make it a point to assess your coverage and rates every two or three years and shop for a better deal.
  5. Work with an insurance broker: The time involved in obtaining and comparing multiple workers’ compensation insurance quotes often deters business owners from looking for better rates. Working with an experienced and reliable broker can make all the difference. Unlike an agent who is allied with a particular carrier, our brokers have access to multiple companies and products. We will shop around for you.

Get Competitive Quotes for Alabama Workers’ Compensation Insurance Today

The financial risk of not having adequate insurance is too big to ignore. Many business owners rely on our experience with Alabama workers’ compensation insurance to protect their enterprise and bottom line. The experienced brokers at The Nowell Agency will assess your requirements and help you identify and purchase more affordable workers’ compensation coverage. As an established insurance brokerage with access to a wide range of providers, we take care of comparison shopping for competitive quotes on your behalf.

Call us for more information at (877) 813-9568 and make an appointment with one of our agents. Need a quick quote for workers’ compensation insurance in Alabama? Request a quote and we’ll be in touch.