How to Shop Your Workers Comp

How to Shop Your Workers Comp

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How to Shop Your Workers Comp

As most business owners and managers already know, shopping your Workers Comp can be time consuming and at times confusing. The Workers Comp shopping process is a bit different than other types of Insurance and there are a few minor preparations you can make that can make a big difference in the premium you pay.

How to Shop Your Workers Comp- Loss Runs

If you are an established business with prior Workers Comp coverage, it is imperative you obtain Loss Runs from your current Workers Comp carrier. Loss Runs are a Loss History Report that document claim activity during each of your policy years. Even if you do not have any losses, having Loss Runs available are important when shopping your Workers Comp as it opens the doors to carriers that you may not have been able to obtain without the Loss Runs. It is also important to know that Insurance carriers are required, by law to provide you with loss runs upon request.

How to Shop Your Workers Comp- Lapses and Continuous Coverage

Having a lapse in coverage with Workers Comp makes it much more difficult to get the best Workers Comp policy for your business. Having employees working without coverage, even for just a couple days, may cause many carriers to decline your application. This applies even if you have no prior losses and are in good standing with your prior Workers Comp carrier. The reality is, if you want to be successful in shopping your Workers Comp, you must have continous coverage. There are some preferred carriers out there with excellent rates and service, that will not even look at your application without 4 years of continuous, prior coverage with loss runs for all 4 of those years. Having continuous coverage is probably the single, most effective way to successfully shop your Workers Comp.

How to Shop Your Workers Comp- Picking a Broker

Finding a good, honest Broker and sticking with them is imperative to successful Workers Comp shopping and there are several reasons for this. For one, only one broker can access a Workers Comp carrier at a time. Therefore if you want to work with specific broker you like (Broker A), but you also contact a different broker (Broker B) for a quote, you may inadvertently be preventing Broker A from providing a quote with the best carrier possible. You can often times appoint Broker A to manage your policy, however, if Broker B was inexperienced in requesting credits, or presented your business information incorrectly to the carrier, you may be missing out on a great policy.

We are eager to assist you with your Workers Comp questions. If you would like to learn more, give us a call at 925-297-4829.

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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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