If you have a middle sized company, chances are that you are deciding to self-insure any workers compensation claims with an additional excess workers compensation insurance policy. Having this additional policy gives your company added financial security if you are ever faced with paying a compensation claim that is above your set limit. However, you will want to take your time in looking for an insurer to make sure that you find a carrier that will work with your capped amount. Being a self-insurer in workers compensation, your company needs to have an insurer who will be able to assist you with risk management, industry safety, and planning for any type of emergency that may arise.
The insurance company that you obtain your excess worker?s compensation policy through should work with your company?s limitations in regards to policy claims. This means that you want to make sure the insurance company will allow you to retain the dollar amount that you have set for the company?s self-insurance. For example, if your company has decided on a budget of $600,000 that they will cover themselves in the case of a workers claim, then you want to make sure that the insurance company you choose will allow you to have that limit. Experts also recommend that if you hire employees on a seasonal basis or if you have mine workers, railroad workers, or migrant workers to make sure that the insurance for your excess workers compensation covers the special claims that these types of workers can make. It is important for you to do the homework to make sure that your company chooses an insurer who will protect your interests.
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