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Q: When should I start looking into getting competitive Workers Compensation quotes?
A: 3 months before your Renewal Date. The Market opens 90 days before your renewal date and Carriers prefer that the quotes are requested early so they have time to review your information and offer the best rates possible. Q: Do I have to renew with the quotes you provide? A: No! There is no obligation to review the quotes we provide. Q: Are there any costs involved with getting quotes? A: No! We do not charge anything for our Services. Q: Why should I shop for Workers Compensation Quotes? A: Shopping for Workers Compensation quotes ensures that you are paying the lowest possible rates with the best possible Carrier. There is no obligation to switch, no cost to receive quotes, and no hassle to get the quotes. It is always a smart business decision to review your options before locking into a Policy for a year. Q: I have been with the same Carrier for years, is there a benefit to looking for other quotes? A: Yes! Unfortunately, Carriers do not always reward for loyalty, as you would hope they would. Often shopping for quotes can open your eyes to how much you are being overcharged by your current Carrier, and can even be a negotiating point if you want to get lower rates with them as well.
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When your policy is first set up, it is based on an estimated Payroll, but that figure commonly changes as the year comes to a close. For this reason, Insurance Companies require audits of your payroll records to verify the actual payroll used for the year. Then, they will send you a Final Audit Statement.
Your Final Audit Statement indicates any additional premium you may owe for underestimating your Annual Payroll when setting up the policy, or any credit you are owed for overestimating your Annual Payroll when setting up the policy. These adjustments are decided by the auditor during the annual audit. You should received your Final Audit Statement within three months after the completion of your Workers Compensation Policy. This happy client at Chief Insurance Solutions, LLC learned how quick and easy it is to Apply for quotes with us and saved over $30,000 off his Workers Compensation Insurance premium. The Application was completed and faxed to Chief Insurance Solutions, LLC in less than 2 minutes.
This happy client at Chief Insurance Solutions, LLC saved over $80,000 off his Workers Compensation Insurance premium, while reducing the impact and frequency of claims over time. It turns out that they had more options than they thought, despite having many claims and a high experience modification.
AmTrust is one of the top Workers' Compensation Insurance providers in the U.S. They are especially known for offering flexible, intergratable payment plans through PAYO, a pay-as-you-go plan. Learn how PAYO works with the video below:
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AuthorChief Insurance Solutions LLC - Expert Advisor Archives
June 2019
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