Here are some additional things to keep in mind when seeking a workers' compensation insurance policy for your business:

Second injury fund – To allow fair employment of handicapped workers, you may have to buy into a second injury fund for an additional 6% to 8% of your insurance costs. This coverage protects your company in case previously disabled workers get hurt while working for you.

Bankruptcy backup – While we always recommend you find insurance providers with a lengthy track record, it’s possible they could go out of business. Should that happen, your state may have guarantee funds that continue paying out benefits when a carrier goes bankrupt. In addition, existing insurance carriers may purchase policies from a busted provider, which would continue your coverage.

Do more than the minimum – Your business must live up to the bare minimum OSHA requirements. However, there’s no reason to stop there. Even if it isn’t required, always take additional safety precautions and actively find ways to maintain a safe work environment. It will not only reduce your chance of a claim, it will also help you obtain lower premiums.

Nontraditional injuries – Workplace injuries don’t just occur from lifting heavy items or falling. Employees can also get hurt or sick from work-related stress and anxiety, repetitive stress disorder, or eyestrain from working on a computer all day. Check with your insurer to see if your policy will cover these and other types of injuries.

Solicit employee feedback – Ask employees to voice their concerns about safety issues or potential hazards. Offer them a chance to talk in person or communicate anonymously, and be sure to act upon these issues immediately.