Saving Money on Workers Comp for California Real Estate Agencies

Saving Money on Workers Comp for California Real Estate Agencies

Workers Comp for Real Estate Agencies can be tricky. There are often a mix of employees, independant contractors, and self-employed agents at any given Real Estate Agency. With that said, it is important to know how to go about purchasing Workers Comp correctly.

Saving Money on Workers Comp for California Real Estate Agencies – Requirements

In California, you are required to carry Workers Comp for all employees. Real Estate Agencies are unique in that they often have agents that are independent contractors or self-employed. Whether or not you are required to maintain coverage for these contractors is a bit of a legal grey area. However, as a general rule, you should cover everyone working for you or require that they carry their own coverage. In fact, many Workers Comp Carriers will require that the payroll for these contractors are included in the total payroll.

Saving Money on Workers Comp for California Real Estate Agencies – Discounts

There are several discounts that may apply to your Real Estate Agency. You can establish a formal safety program to avoid claims. This can include monthly safety meetings, a written safety plan, or distributing safety procedure materials. Many Workers Comp Carriers offer discounts for Real Estate Agencies that take safety seriously, as it often limits the frequency and severity of claims. In addition, you can often obtain discounts by maintaining continuous coverage without lapses. Many companies have lapses in coverage because of easily avoidable mistakes, such as non-payment. To avoid this, you should get set up on an automatic payment plan or pay the policy off in full.

Saving Money on Workers Comp for California Real Estate Agencies – Shopping for Workers Comp

One of the most effective ways of saving money on Workers Comp is shopping your policy annually. Workers Comp carriers’ rates and guidelines change all the time, therefore a carrier that was not competitive last year may have the best rates this year. When shopping for a Workers Comp quote, you should always start the process by obtaining Loss Runs from your prior carrier. Loss Runs are a loss history report that is generated to show your prior history with the carrier. Even if you do not have claims, the Loss Runs are important as you can often obtain additional discounts from carriers for showing a clean loss history.

If you would like to learn more about Saving Money on Workers Comp for your California Real Estate Agency, we would love you help you!

Give our Workers Comp specialists 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.

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!