Dealing with workplace injuries can be costly and burdensome for your company and your injured team member. Effective, knowledgeable workers compensation brokers can help both parties navigate the healthcare and insurance systems.
The Broker’s Role
The job of the insurance broker is to act as liaison between your company and insurance providers. The broker is responsible for finding the best coverage for your company, often from an insurer that is familiar with your industry and its unique needs. After a provider is chosen, the broker negotiates terms with the insurer. Brokers can also assist with educating employees about workers’ compensation benefits and help them with filing claims.
Saving Time and Money
Rather than working directly with the insurer, many companies work through brokers to gain the benefits of their knowledge and purchasing power. The benefits of having a dedicated broker on your team can include:
- Time saved from evaluating and understanding multiple insurance policies when shopping for options.
- Negotiating leverage for better terms and prices may be possible through a broker’s larger network of clients.
- Rather than working through the company’s human resources staff, Injured employees often work directly with the broker for quicker access to benefits and assistance getting back to work.
Workers compensation brokers who advocate on your behalf can frequently identify and negotiate the best coverage package for your company that meets the needs of both the company and its team members.