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When it comes to getting workers compensation insurance for your business here in Michigan, there are typically three main options people will look into: One is going direct to an insurance company, then there is the route of working with a captive insurance company, or partnering with an independent agent like myself.
First, it’s important to know that workers' compensation insurance is required by law in Michigan for most businesses with employees. Failing to have the right coverage can lead to significant fines and penalties, so it’s critical to make sure you’re in compliance.
Now, let’s look at your options. Going direct to an insurance company might seem simple, but you’re essentially acting as your own insurance agent. That means if you miss a key discount, misinterpret coverage terms, or select a policy that doesn’t actually fit your business, all of that responsibility and liability falls on you.
And in many cases, direct rates aren’t even lower-they’re often higher because you might not get access to all the discounts an independent agent would know about.
Next, there are captive insurance companies. These represent a single carrier, so they might offer a fair price and decent service but can only provide you with that one company’s options. If that company’s coverage or pricing doesn’t fit your needs, you’re out of luck.
Finally, there’s the independent agent route. Independent agents work with multiple carriers to find the best fit for your specific business. And we don’t just stop at finding coverage-we’re also here to guide you throughout the policy term, at renewal and most importantly when there is a claim.
Claims support is a huge benefit of working with an independent agent, as it can help the process go much smoother, ensuring your business is disrupted as little as possible.
Another important factor to consider is audits. Workers comp premiums are often based on estimated payroll numbers, and at the end of the policy term, the insurance company conducts an audit to reconcile those estimates with your actual payroll. Independent agents can guide you through this process.
Independent agents also provide access to bundling opportunities. If you need more than just workers comp-such as general liability or commercial auto insurance-we can often bundle these coverages together with the same insurance company, if possible. This can help you save money and make managing your policies a lot simpler.
Also, depending on the type of business you have, we could have access to specialized carriers that focus on specific industries and have potentially more competitive pricing that might not be available through direct or captive options. This flexibility is especially valuable for businesses with unique risks or requirements.
And here’s the key: with an independent agent, you’re not taking on the liability yourself. We carry professional liability insurance to protect you in case something goes wrong. We know where to look for potential discounts, how to navigate eligibility requirements, and how to ensure your coverage actually protects your business when it matters most.
If you need help or have questions about your insurance, please feel free to reach out!
I look forward to working with you!
Cell: 248-459-3045
Email: bgutowsky@doereninsurance.com
LinkedIn: www.linkedin.com/in/bryan-gutowsky
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If there are any topics you want to hear more about or if you have any questions about specifics when it comes to insurance, sales, or business in general, please let me know!
Timecodes
0:00 - Intro
1:01 - The 3 main options that people typically look into for workers comp coverage
1:24 - Important to note that Workers Compensation is required in Michigan for most businesses with employees
1:44 - The option of going direct to an insurance company
2:27 - The captive insurance company route
2:54 - Going the independent agency route and what it's like working with an independent agent
3:38 - The importance of knowing about workers comp audits and that process
4:08 - Independent agents have access to multiple companies and can help you bundle your workers comp with others policies you may need to help bring the cost down
4:44 - Biggest factor in working with an independent agency
5:02 - Summary of benefits of working with an independent agent & Closing
**DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN DISCRETION. THIS VIDEO INCLUDES MICHIGAN INFORMATION ONLY.