How To To Properly Shop Your Workers Comp Insurance

How to Properly Shop Your Workers Comp Insurance

Depending on your operations, Workers Compensation can be a significant portion of your employee overhead. With that said, it is common for business owners to shop their policy in order to save money. We will explain some of the basics to get you on track for properly shopping your Workers Comp.

How to Properly Shop Your Workers Comp Insurance – Loss Runs

The first step in obtaining the best Workers Comp rate is obtaining Loss Runs from your current and prior carriers. Loss Runs are a loss history report that provide any loss history along with the dates of your coverage. Even if you do not have any losses, the loss runs are very important to maximize your savings. Many preferred carriers, which have the best rates, require currently valued loss runs going back four years. Loss runs are easy to request, and often just require a quick e-mail to your current broker.

How to Properly Shop Your Workers Comp Insurance – Pick a Broker

Picking a single broker to work with is a big step is maximizing your savings. Workers Comp carriers only allow one broker to quote your policy at a time, which in turn can prevent the broker you want to work with from obtaining the best possible quote. In addition, your broker should be working with the carrier to request credits on your account. This crediting process may be more difficult if several other brokers are requesting quotes from the same carrier.

How to Properly Shop Your Workers Comp Insurance – Additional Credits

When shopping your Workers Comp, work with your broker to request as many credits as possible. You can often obtain additional credits by having a formal safety program, a return to light duty plan, etc. In addition, many carriers offer discounts to those who have continuous coverage without lapses or losses. Some carriers offer have discounts available to those that are member of certain associations, like the California Restaurant Association for example.

If you are interested in shopping your Workers Comp, let us help! You can contact our Workers Comp specialists at 925-297-4829.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

If You Are Serious About Saving Money While Building A Long Term Business Relationship Please Request A Quote And We Will Be In Touch With Your Shortly!