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Workers Compensation Insurance for Your Warren, VT Business: Two Markets

Most businesses in Warren, VT that hire employees will need workers compensation insurance. This type of insurance is generally designed to compensate workers for medical bills and lost income that are caused by a job-related injury. If you have a young business in the area and are looking to hire your company’s first employees, here’s how to find this type of insurance.

Workers Compensation Insurance Warren VT

Warren, VT Businesses Have Two Places to Find Workers Compensation Insurance

In Vermont, There Are Two Markets for Workers Compensation Insurance

Vermont has two markets where businesses can obtain workers compensation insurance. Companies can either purchase a plan on the “voluntary market” or get an “assigned risk plan.”

If your company is able to find a workers compensation plan that meets your company’s needs on the voluntary market, this will almost certainly be your best option (there may be a few exceptions to this rule, but they’re rare). The voluntary market is where insurers voluntarily agree to provide workers compensation coverage for a specific business. Plans sold on the market must meet Vermont’s requirements, but insurers aren’t compelled to offer them.

Assigned risk plans are generally made available to businesses that can’t find a plan on the voluntary market. The government requires insurers to offer these plans, even though they might not be as profitable for the insurer to offer as the voluntary market plans are.

Businesses in Warren that must get a workers compensation policy through an assigned risk plan are usually in a higher risk pool than those that can find a policy on the voluntary market. Since their risk is higher, their premiums often are too. For these businesses, however, this is typically the only way to meet Vermont’s workers compensation requirements.

An Independent Insurance Agent Serving Warren Can Help Your Company

Unless you specialize in insurance, determining where your company should be looking for a workers compensation policy can be confusing. Once you figure out which way your company will need to find insurance, sorting through all of the available policies is time-consuming. You don’t have to invest a lot of energy and time into finding a good workers compensation policy, though.

Working with an independent insurance agent will make getting the right workers compensation policy simple and quickly. An independent agent can determine which market your company should look on in just a few minutes, and it takes them only a little bit longer to find out how much a policy will cost your company. Since independent agents aren’t aligned with any one insurance company, you can trust that they’ll show you the best deal available regardless of what insurance company offers it.

If you’re ready to hire your company’s first employees, don’t waste time wading through the intricacies of workers compensation insurance on your own. Let an independent insurance agent in Warren do the work for you. They’ll make sure your company is properly protected without paying to much, while you can continue to focus on growing your company.

 

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Topics: Workers Compensation Insurance, Warren

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