04 Aug How to Shop You Auto Repair Shop’s Workers Comp
How to Shop You Auto Repair Shop’s Workers Comp
Just like with any business, Auto Repair Shop’s often have employees that need to be covered with a Workers Comp policy. There are dozens of Insurance Carriers out there that offer Workers Comp for Auto Repair Shops, therefore you should be shopping your Workers Comp to assure you are getting the best rate possible. We will explain the basic steps of maximizing your Workers Comp shopping experience.
How to Shop You Auto Repair Shop’s Workers Comp – Loss Runs
Once you decide you would like to shop your Workers Comp, you should request Loss Runs from your prior carrier. Loss Runs are essentially a Loss History report that the carrier generates to show the dates you had Workers Comp coverage as well as information on your prior claims, if any. The Insurance Carriers that tend
to have the best rates often require 3-5 years of Loss Runs in order to offer a quote. In addition, it is important to know that most carriers do not accept Loss Runs that were generated more than 60 days before the submission.
How to Shop You Auto Repair Shop’s Workers Comp – Communication
This tip may seem obvious, but is often overlooked when shopping for Workers Comp. When you begin your shopping process with your Broker, take some extra time to communicate your businesses operations and safety procedures. Many Carriers have different guidelines and discounts that may be overlooked by your Broker if they do not properly understand your Auto Repair Shop’s operations. For example, if your Auto Repair Shop does not perform auto body work, you may be eligible for a Workers Comp program that may otherwise have been declined. In addition, if you have a formal, written safety program, communicating this information to the broker/carrier may help you obtain additional credits or discounts.
How to Shop You Auto Repair Shop’s Workers Comp – Less is More
When shopping for Workers Comp, many Auto Repair Shop owners call several Insurance Agents/Brokers in an attempt to get as many quotes as possible. The reality is that this approach may make it harder to get the best rate possible. Many Brokers go to the same Insurance Carriers and some have better relationships with these carriers than others. By working with several brokers, you may inadvertently be blocking the Broker you want to work with from some of the most competitive carriers. You are often much better off finding a single Broker you trust and like to work with to shop your Workers Comp. This will not only give the Broker a fair opportunity to get submissions in, but it also makes it easier for the Broker to obtain additional credits and discounts on your account.
If you would like to learn more about shopping for Auto Repair Shop’s Workers Comp, give us a call 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.
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