Not insured with The Weimer Group? You might be paying more than you should
When did you last shop for Worker’s Comp Insurance? Many business owners simply resign themselves to paying for their current coverage year after year. The truth is that not all worker’s comp carriers charge equally. There are over 900 carriers in the state of Pennsylvania alone. For example, the rates for residential carpenters can account for as little as 8% to as much as 22% of their payroll expenses. It pays to shop around!
Things to Consider
- Worker’s Comp is commonly the biggest expense for most businesses
- Are you in a competitive market state?
- How often should you ask for quotes?
What kind of information should you make available?
✔Loss Runs – Provide a minimum of three years loss runs from your current and past insurance carriers.
✔Audit – Provide copies of the last three years audit information.
✔Payroll Report – Provide a payroll report showing a breakdown by class code that corresponds with your expiring policy period
✔Job Descriptions – If your company has written job descriptions, provide copies.
✔Ownership and Entity Information – Provide detailed ownership information including percentage of ownership and duties of all owners.
✔Bureau Inspection Reports – If your business operation has been inspected by a rating bureau then provide a copy of that report.
✔Experience Modification Rate Worksheets – Secure and provide copies of the past three years experience mod worksheets.
Contact a commercial lines agent here at The Weimer Group. We have access to many competitive carriers providing some of the better rates available. If you currently do not have a Worker’s Comp insurance policy and it is necessary for your business, we can help! Our agents will know the market place and carrier appetites for your type of business operation to help you make this decision. Contact our Perkasie office at 215-257-9171 today to speak with a commercial insurance agent, get your Worker’s Comp back on track and avoid overpaying for Worker’s Comp.
By Andrea Moyer & David Beck
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