Having employee liability coverage is an important part of protecting your business and the employees who work for you from errors and omissions regarding employee benefits. Since this is a very important issue for many employees, going about the application process the right way is also important. Here are the things your business is likely to need when applying for such coverage.
Find a Reliable Carrier
You need to find a reliable insurance carrier who understands your business. Every business has unique risks, and one of the best ways to get the coverage you need is to work with someone who understands those risks.
Fill Out an Application
Many insurers have online applications. All you need to do is sit down at a computer and fill them out. In some cases, you may need to send in a hard copy of the application. Either way, printing out a copy of the application is probably a wise thing to do.
Previous Carrier Loss Runs
Some insurers may require you to send in your current business value as well as records of your carrier loss runs for the last three years or so.
To help assess your needs more accurately, you will likely need to send in a copy of your employee manual or handbook.
Applying for employee liability coverage can take some time, but it goes quicker when you have everything you need. For a streamlined approach, make sure to gather together these items before you start applying.