Managing General Agents, or MGAs, are full-service insurance providers that specialize in workers compensation insurance for companies of various sizes. They are not all built the same, though. Different providers will have their different approaches to the role of being a workers comp MGA, and generally this reflects their focus on a clientele.
Flexibility and Options
For growing businesses whose needs are likely to change as they expand, a good MGA should be able to offer a variety of options for workers compensation insurance, including:
- Guaranteed cost plans
- Large-deductible programs
- Self-insurance advice and options
- Captive programs
That way, as you develop and grow, you can change your service level and style to reflect the needs of your company and your employees. This provides a variety of benefits, and when matched with the key features below, it helps to flesh out a rubric that can be used to find your best partner for workers compensation insurance.
When looking for a full-service workers comp MGA, you need to be able to count on more than just option for costs and coverage. You also need
- In-house underwriting control
- Access to a network of highly-rated national carriers
- Flexible payment terms
- Strong risk management
- Fast quote turnarounds
- Marketplace leverage
Finding an MGA with these key features in place means having the service and support you need to be in compliance with all your compensation insurance requirements, but without overpaying or worrying about gaps in coverage.