 Personal Finance PowerPoint Presentation, workers' compensation, insurance companies, prepare to get financially fit by practicing personal finance. Insurance is part of our long-term risk of mitigation strategy where we follow the adage of measure twice, cut once, put in a formal process in place, looking something like set the goals, develop a plan to reach them, put the plan in action, review the results, repeat the process periodically. Most of this information can be found at Investopedia, Best Workers Compensation Insurance Companies, which you can find online. Take a look at the references. Resources continue your research from there. This is by Kat Traetina, updated May 10th, 2022, noting that we are not personally affiliated with any of these insurance companies, although Investopedia may be in some way. This is just an idea to get some companies out there. So if you're doing research on them, you got a launching point that you can start out with. You can, of course, go then to Investopedia. If you so choose and look at the further references there to continue your research, and or, of course, go directly to the companies and do some comparison shopping on that side of things as well. In prior presentations, we've been taking a look at insurance in general. We moved to medical insurance. Now we're looking at the workers compensation, which is a kind of disability insurance that helps people if they lose, basically, if you're losing part of the income from not being able to work. That's, in essence, what we're insurance against. We talked about short-term and long-term kinds of insurance when you're thinking about workers' compensation and actually setting up workers' compensation, then you might have, say, a small business, for example, that you would be looking into that process with because you're gonna have to do that possibly in alignment with, in part, the state regulations possibly, which will differ from location to location, and they'll also differ from company to company and by, basically, industry to industry. So this is just some ideas that you can get a handle or an idea of how this whole process works and the companies involved with it. So best workers' compensation insurance companies. As a business owner, it's your responsibility to provide a safe work environment for your employees, but accidents and injuries may still happen. So we talked about kind of the rationale and the reasons for workers' compensation and how it might fit into your overall kind of risk mitigation strategy from an individual, from the worker's side of things, and also if you have to purchase workers' compensation as a small business owner, then those, of course, are considerations that you gotta put in place as well. According to the Bureau of Labor Statistics, 2.1 million workers in private industry were injured on the job in 2020. Now, unfortunately, those numbers might be a little bit eschewed due to the fact that there are these workers' compensation laws because the question then would be how much of those injuries were fraudulent claims, right? And we don't, because the workers' compensation is set up basically to try to reduce the kind of litigation and the more easy you make the claim process, then you would think the more kind of fraud might be in place. So it's kind of difficult to look at those numbers, but in any case, to protect your staff, workers' compensation insurance is essential and is even a legal requirement in most states. It provides financial support and medical benefits to employees who are injured or who become sick due to their employment. In addition, it prevents you from paying costly, expensive expenses. The average cost per workers' compensation claim is $42,008. So we looked at 19 top workers' compensation that's being investopedia companies to help you find and ensure error for your business. So if you're a small business owner, that's when you might have to be dealing with it on the employer side of things for the workers' compensation. We selected the best companies based on their coverage options, reputations, and ratings with AM Best, the credit rating agency that focuses on the insurance industry. So here's their seven best workers' compensation insurance companies in 2022, according to investopedia, best overall, buy, bark insurance services, best for micro-businesses, the cover wallet, best for retailers, AM Trust Financial, best for medical providers, the Hartford, best for professional offices, progressive, best for construction and contractors nationwide. Notice we're getting a little bit specific oftentimes in terms of possibly the industry because workers' compensation may vary greatly depending on your location and of course the industry, the level of risk involved in it. So best for household employers GTM payroll services. So we're gonna just take a look at a couple of them and again you can do your own research from there just to get an idea of where you might start to dig into some of this stuff from there, going to their websites or possibly to investopedia, looking at their references from there. Let's take a look at buy, bark insurance services. So buy, bark insurance is our choice as the best overall workers' compensation insurer because users can purchase policies online in a matter of minutes, bundle workers' compensation with other business insurance policies and save a significant amount of money over buying plans from other companies. So this is according to investopedia. What are the pros? Save up to 20% compared to other companies. Top rated insurer get a quote entirely online which is kind of nice that you can try to get a quote online and get an idea of what's going on without having to talk to basically a sales agent possibly if that's the case. So cons, no additional discounts for bundling policies. So it would be nice possibly if you had multiple policies sometimes they give you kind of a discount for the bundling. Seasonal workers may not be covered in all states. So that would be of course, it'd be important in terms of the states of coverage. As part of the Warren Buffett's Berkshire Hathaway Group which is obviously oftentimes a good reference to have there the ByBark Insurance Service combines decades of experience with a technology driven approach to insurance allowing you to get a policy within minutes. Business owners can use ByBark's platform to get a price quote and purchase workers' compensation insurance entirely online without ever having to talk to a representative or go through extra hurdles which can be nice because sometimes when you talk to a representative sometimes you feel like it's a, you know it's obviously kind of like a sales call. So your exact quote will vary based on factors like industry location and coverage limits. ByBark isn't an insurance broker or middleman it ensures businesses directly so it's able to offer lower rates than some other companies. So it's kind of nice that you when you're working with someone that you're not working you can know who you're doing business with am I doing business with a broker or I'm doing business with the actual company. So according to the company its rates are up to 20% less than you can get with policies from other companies. It does offer other insurance products such as general liability, professional liability and umbrella insurance. However, it does not offer any discounts for bundling policies. So if you have multiple policies with the same company sometimes different insurance companies might give you a benefit for doing so but it looks like they're not doing that kind of thing. So ByBark Arfa's workers' compensation insurance in almost all states, the only exception are North Dakota, Ohio, Washington and Wyoming. So we got the Berkshaw Hathaway Group has an A double plus rating for AM Best its highest designation. So that's pretty nice credentials there. So then we got Cover Wallet. So we have Cover Wallet is best in our review for startup people with side gigs and micro businesses. You can get a policy even if you have just one part-time employee and your coverage can start immediately. That could be nice for again, the small businesses often have specialized kind of needs as they're trying to accommodate the whatever policies that are in place for workers' compensation as well as just suit the needs of their employees with benefits. So pros policies available for just one employee workers' compensation can be bundled with professional and general liability insurance. So again, now you've got this bundling thing if you got multiple insurance because if you have a small business then you might have liability and other kinds of insurance and you gotta be kind of careful in terms of where you're gonna just like when you bundle anything else it's like, well, do I actually need this other thing or not, but I get a discount if I bundle it. You know, it's kind of like doing the cable thing. Now I've got five different networks that I only wanted one channel or something like that. Do you really need it? Is it cheaper than if I just bought the one? So coverage can get started immediately. On the con side, constant online quotes not available for everyone. Pay as you go options not always available. So you would think that the quotes would of course be more difficult if you have these bundling options, right? Because that means you've got these discounts. If you do different bundles that's gonna add a whole lot of complexity possibly making it more difficult to just give a straight quote on an online thing which means you're most might be more likely to talk to a sales person and then you gotta deal with the whole sales kind of thing. But we've got four micro businesses meaning companies with fewer than 10 employees cover wallet is an excellent option for workers compensation insurance. Cover wallet allows you to get coverage for just one employee if you wish even if that worker is part time. And you can bundle workers compensation insurance with professional or general liability coverage too. So that to me is good but it also kind of seems like one of those types of things where they might say well I went to you for liability insurance and now you're trying to sell me maybe a bundling process with other insurance like workers comp when I only have one part time employee do I really need the workers comp? Those kind of questions come up because workers comp is something that oftentimes as a state requirement that's when a lot of people will be getting it. And if it's not a state requirement it might be a benefit but then you gotta think about whether or not it would be worthwhile to get it or not based on the pros and cons of that. So depending on where you live your industry, your past claims history and other factors of your business you may be able to get an instant quote online. So you might be able to get that online quote. However, that may not be an option for everyone and some users may have to call and speak to a representative to get an insurance quote. That's usually a salesperson. So when you submit your information Cover wallet will match you with one of its insurance partners. So you may be eligible for pay as you go premiums rather than making upfront payments based on projected payroll. If satisfied with your quote you can contact Cover wallet to activate your policy and get coverage right away. Cover wallet is a subsidiary of the Aeon corporation. So we won't go through all the rest of them. Just those are just some ideas that if you're looking at different companies to get an idea of the actual companies themselves you can go then to the company websites themselves do your own research, see what states have different requirements for different states and different industries when you're doing so.