You might be wondering where to buy workers’ compensation insurance. In most states, you have some options. (Why most? If your organization is in North Dakota, Ohio, Washington or Wyoming, you’re required to purchase your workers’ compensation coverage from the state’s fund.)

You can typically choose whether to purchase through an insurance agent (find one here), or from a carrier directly (including us right on this website).

Purchasing workers’ compensation insurance through an agent

Most business owners purchase workers’ compensation insurance through an agent. One agent can typically sell you all the lines of insurance that you need and offer advice on your specific situation.

You should know, there are two types of agents:

  • Independent insurance agents — These agents work with more than one carrier, so they will typically get bids from multiple insurance companies.
  • Captive insurance agents — These agents only work with one insurance company. These tend to be the big, national companies you recognize from television ads and remember by those catchy jingles that stick in your head for days.

Purchasing workers’ compensation directly through an insurance carrier

Some insurance carriers, including SFM, sell coverage directly to policyholders. You can usually find out whether a carrier sells directly or requires you to go through an agent by visiting its website.

SFM sells direct to policyholders through this website. Simply answer a few brief questions to get a quote. We’ll get in touch with you to get any additional information needed to provide a quote, and then send you the quote by email. You can also request a quote by calling us at (844) 828-3801.

Purchasing workers’ compensation through your state’s assigned risk plan

Every insurance company has different rules about which types of operations it will cover, and so sometimes employers get turned down when requesting quotes. When this happens, an employer can go to the state’s assigned risk plan to get coverage (also sometimes referred to as the “residual market,” “involuntary market” or “insurer of last resort”). Different states have different application processes. Some allow you to apply online, while others require you to send in a form or go through an agent. The International Risk Management Institute maintains a list of links to the different assigned risk plans throughout the country.

Deciding where to purchase business insurance

There’s no better or worse way to purchase workers’ compensation insurance; it’s really a matter of personal preference. Some employers prefer to work with an agent, and some would rather handle it themselves. Like many other companies, SFM sells workers’ compensation insurance both directly to employers and through independent agents, and policyholders receive the same product no matter how they buy it.

For more on this, watch our Q&A video below on how to buy workers’ compensation insurance: