which insurance company offers the cheapest workers comp covers in the market??

Answer 1

??? There isn't one CHEAPEST company. As you've probably discovered, companies aren't falling all over themselves to write workers comp. It is the LEAST profitable line of business, with the MOST claims, and the MOST fraud.

So if you don't have any right now, you're REALLY looking at, "who's willing to write me at all", rather than "who is cheapest".

*** Only a few states have set "rates". Most states have set "loss costs" that the insurance companies are allowed to deviate from. After deviation, then credits and charges also apply for premium size, and loss history - surcharges for claims, and credits for low/no claims.***

In MOST cases, if you're a startup business, and don't have three years of loss runs to show a carrier, you're going to end up in the state workers comp fund. Unless, of course, it's a substantial size account - like maybe you pay more than $100,000 a year for all your insurance, and workers comp makes up less than 50% of the bill.

Start with the guy that writes your business insurance. If you don't have business insurance, and don't want to buy it, go to the guy who writes your car/house insurance, and ask him for a referral if he won't do it. MOST agencies won't write stand-alone workers comp. Most insurance companies won't write it stand alone, either.

Answer 2

In almost every state, probably 48 or so, the WC insurance rates are set by the state government (Dept. of Labor office). Are you familiar with this? If not you need to get more information. Talk to an insurance agent with experience selling business insurance. The only different between companies may be whether or not a dividend is available from a particular insurance company to your company, the insured. You'll get real, specific answers if you talk with an insurance agent, or two. Good luck.

Answer 3

in the US, workmen's compensation insurance is organized by state. Thus, you have to find company's doing business in your state.

google will help you start.
so will your business insurance agent


GL

Answer 4

in the US, workmen's compensation insurance is organized by state. I found interesting information about your answer here. http://all-insurance-online.blogspot.com/2007/08/business-insurance.html Good luck!

Answer 5

The price is not the best way to decide who to go with. Sometimes what you pay is what you get.