Are you unhappy with your current Workers Compensation Insurance coverage and want to cancel your policy before the effective date? Fortunately, you do have a choice! This article can help you decide if a mid-term switch would be benefit your business.
Unfortunately, it is very easy for a business owner or human resources executive to end up overpaying for Workers Compensation Insurance without realizing it. Often times, their broker auto-renews them without discussing any rate changes. Other times, they may see a sudden and unexpected spike in their rates in response to a new claim. Regardless of the reason, the policy holder always has options and fortunately they don't even have to wait until the policy year is over to make a cost-saving switch.
CASE STUDY: Our most recent success with a mid-term switch was with a Los Angeles based Nursing Home who ended up saving 66% off their premium. The insured had many claims over the past few years which was reflected in an experience modification rating of 1.90. With an experience modification this high, they were almost paying double the base premium for their operations. They were 3 months into their latest policy, but felt they’re premium was higher than it should be. That is when they reached out to Chief Insurance Solutions, LLC. We were able to assess their operations and submit to numerous carriers for new quotes. Even with the mid-term cancellation fee, the insured saved almost $100,000 a year by shopping for quotes.
If you are hoping to cancel your Workers Compensation insurance policy while the coverage is still active, these are a few things to consider:
Chief Insurance Solutions LLC - Expert Advisor