Some businesses have their payroll services and workers compensation insurance at their bank. It sounds like a good idea and a way to simplify the payment process. However, it rarely is. In fact, when you obtain the other types of business insurance you need, such as general liability business insurance and property coverage, you’ll still only have to make payments to your insurance agency or carrier. So, why be pinned down and paying payroll and workers compensation through your bank?
Think You Are Stuck?
Many companies mistakenly believe they cannot get out from this type of scenario. That’s not the case. In most situations, you can continue to use a bank or another third-party payroll service as you are but stop obtaining your workers compensation coverage there. Why do this?
- You’ll be able to choose your commercial insurance provider at that point. That gives you more freedom to select a policy that better represents your needs.
- You’ll save money. In many situations, workers compensation insurance from a payroll company or
bank is significantly more expensive than that which comes from a traditional insurance agent. Compare policies to see the difference.
- You’ll immediately benefit from having an experienced and trusted professional by your side. This individual can help you determine what your needs are, how to ensure your policy matches your business risk, and aids you in maintaining that policy’s fit to your business long term.
You are not trapped. You are not handcuffed to your bank for your payroll and workers compensation insurance. Making a clean break here can cut your costs, improve your coverage, and reduce the financial risk your company faces. Discuss your options fully with our licensed, specialized commercial liability insurance and workers compensation insurance agent.