If you are an insurer who employs MGAs (Managing General Agents), you need to make sure you and your employees are protected with an insurance policy that includes workers comp MGA coverage. Although every business owner hopes that they will never have to use their workers comp coverage, the truth of the matter is that you simply cannot predict what may happen to one of your employees in the future.
Even relatively safe jobs carry risks of becoming injured while on the clock, especially if your agents need to drive from place to place in order to take care of their clients’ needs and gain new clients. To avoid financial and legal repercussions, make sure you are protected with a quality workers comp MGA plan.
Why Lack of Insurance Can Lead to Bankruptcy
Because workers compensation is required by law, you could face serious legal repercussions and fines if you do not carry it and one of your employees gets hurt while on the job. Additionally, you could face lawsuits from your employees if they do not receive adequate protection for possible workplace injuries. Whether your business is large or small, you could find yourself facing bankruptcy if you are not adequately prepared for unexpected situations with quality insurance coverage.
Make the Smart Choice
Prepare yourself for the worst by purchasing workers comp MGA insurance from a reliable company that offers flexible payment terms, in-house underwriting control, and quick quote turnarounds.