Finding the Right MGA for Your Workers Comp
Virtually every employer must purchase workers compensation insurance. Since coverage premiums often cost companies a tremendous amount each year, business executives must find the right insurer to help keep expenses in check. Often, that means working with a workers comp managing general agent. These insurance professionals have the authority to underwrite policies. If you are looking to save money on your monthly premiums, you might be looking for a workers comp MGA. Below are some tips on finding one.
To begin your search for an MGA, rule out any firm that does not have direct knowledge. Ask if the firm has worked with companies in your industry. Then, look for an insurer who has expertise in keeping costs low.
While your MGA will want to make money, he or she should also be on your companys side. Look for an insurer that has a commitment to not artificially inflating prices. Remember, though, while it is a good idea to compare rates, you should also try to work with a provider that offers good service for a fair price.
Finally, try to work with a workers comp MGA that has information and training on keeping costs low. This might include the following:
- Joining a PEO
- Implementing a Safety Program
- Offering a Return-to-Work Incentive
By following these simple suggestions, you should be able to interview candidates from a good pool of MGAs.