One of the best ways to determine how much a startup will need to budget for workers compensation coverage is to find an experienced independent insurance agent whom you trust and can develop a working relationship with that agent. Independent agents are usually better than captive agents because they are not tied to one carrier or just a select few carriers. Independent agents sell the insurance products of a number of insurance carriers. Many carry the products of 20 or more carriers. This allows the independent agent to shop out your businesses policy to multiple carriers and force those carriers to compete for your coverage.When purchasing coverage for a startup, do not make your decision of which carrier to go with based solely on price. Speak long and honestly with your independent insurance agent about what the good and bad things are about each individual carrier. This is because insurance policies have very low margins. If one policy is dramatically cheaper compared to another carrier, there usually is a reason for it. The reason for a significantly cheaper rate is rarely because the carrier offers more coverage or has a reputation for exceptional customer service. When you file a claim, you will be glad that you bought coverage from a well-run insurance carrier and not the carrier who offered the lowest price.Additionally, you should partner with an independent insurance agent because they can help you determine how much payroll to expect and in turn how much your insurance coverage will be. Insurance carriers have payroll statistics for most industries and independent agents have access to these data from multiple carriers. Because of this knowledge they can help you determine how much to budget for workersu2022 comp coverage depending upon your industry and the state you operate in.