What is one way to select Workers' Compensation coverage?

Selecting Workers' Compensation coverage can involve various strategies to manage costs and ensure proper protection for employees. One way to select coverage is through deductible insurance, which allows a business to assume a portion of the financial risk in the event of a workers' compensation claim. By choosing a deductible, the insured party commits to paying a certain amount out-of-pocket before the insurance takes over. This often leads to lower premium costs since the insurer is taking on less risk.

This approach is particularly beneficial for businesses that have the financial capacity to handle smaller claims while seeking to reduce their overall insurance expenses. It helps in aligning the interests of the employer and insurer, as it encourages better workplace safety practices to minimize the occurrence of claims.

Other options like general liability insurance, shared liability agreements, and insurance waivers do not pertain specifically to the selection of Workers' Compensation coverage. General liability insurance covers different aspects of business risk, shared liability agreements pertain to how responsibility is allocated among parties in a contract, and insurance waivers typically involve relinquishing rights to claims, which is not a method for selecting proper Workers' Compensation coverage.