Useful Items to Gather For Your California Workers Compensation Quote
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Dennis Jarvis
Jun 23, 2013, 5:36:04 PM6/23/13
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Please consider this free-reprint article written by:
Dennis Jarvis
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Article Title: Useful Items to Gather For Your California Workers Compensation Quote
Author: Dennis Jarvis
Word Count: 513
Article URL: http://www.isnare.com/?aid=1846021&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1846021
Easy Publish Tool: http://www.isnare.com/html.php?aid=1846021
*********************** ARTICLE START ***********************
Industry Operations Type Detail
We need a strong and detailed description of your business industry and operations. Certain insurance carriers focus on specific industries. A detailed business operations description may help us to steer you in the proper place for a competitive proposal. The Workers' Compensation carrier may require more detailed information about your industry and specifics of your exact job duties and functions in a higher or medium risk case to try to gain a competitive edge vs. another company who may not be analyzing as closely or operating more conservatively. Other insurers may flat out decline to propose an industry type period.
Renewal Date
It is best if you can check the renewal date of your existing coverage prior to requesting quote information. If you can provide us with a copy of your existing policy or renewal quote from the current carrier the competing new insurance carrier can then verify with absolute certainty the end date of your coverage and the start date of the new proposed policy. It can range from difficult to impossible to change coverage mid-plan year. Plan ahead and re-quote your coverage 90 days prior to renewal.
Claims History
If you've had any claims history in the last 4 or 5 years it can affect your rates and potentially the insurability of your business with a private Workers' Compensation carrier. Most companies will require reports of the claims history to place the coverage. This can be even more crucial information in 2013 and in years moving forward, because the pricing of Workers' Compensation insurance is expected to go up. The reason premiums costs are expected to increase is several fold. First, the overall costs of medical care have increased historically around 10% per year for the last decade. Second, the competing Workers' Compensation carriers in California may be pricing the current plans to low to gain market share which will result in dramatic increases in premium pricing if accurate. Loss ratios of some of the major players show it to be accurate. Therefore, your claims history becomes even more important as the underwriting department may put you through a much more thorough level of examination to ensure it is taking on the lowest possible risk at the best price. Employers with clean injury history will be rewarded.
Payroll Reports
If you are utilizing a payroll system or service and the system or company is able to provide you will payroll run reports per job classification on a monthly, quarterly, or pay cycle basis this can make your life simpler when completing the universal quote application form, know as ACORD. This is because your payroll remuneration needs to be split by the job duties or classification of employees.
When submitting a quote request for underwriting on your Workers' Compensation policy you can provide enough details. The more specific you can be, the more specific the pricing will be. Remember, the main areas of focus are business description, renewal date of existing policy, claims history, and payroll reports.
About The Author: Dennis Jarvis is a licensed California health insurance agent with extensive knowledge of the Individual and Small Group California health insurance market. http://www.workers-comp-california.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1846021
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Dennis Jarvis
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=1846021
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=1846021
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Useful Items to Gather For Your California Workers Compensation Quote
Author: Dennis Jarvis
Word Count: 513
Article URL: http://www.isnare.com/?aid=1846021&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1846021
Easy Publish Tool: http://www.isnare.com/html.php?aid=1846021
*********************** ARTICLE START ***********************
Industry Operations Type Detail
We need a strong and detailed description of your business industry and operations. Certain insurance carriers focus on specific industries. A detailed business operations description may help us to steer you in the proper place for a competitive proposal. The Workers' Compensation carrier may require more detailed information about your industry and specifics of your exact job duties and functions in a higher or medium risk case to try to gain a competitive edge vs. another company who may not be analyzing as closely or operating more conservatively. Other insurers may flat out decline to propose an industry type period.
Renewal Date
It is best if you can check the renewal date of your existing coverage prior to requesting quote information. If you can provide us with a copy of your existing policy or renewal quote from the current carrier the competing new insurance carrier can then verify with absolute certainty the end date of your coverage and the start date of the new proposed policy. It can range from difficult to impossible to change coverage mid-plan year. Plan ahead and re-quote your coverage 90 days prior to renewal.
Claims History
If you've had any claims history in the last 4 or 5 years it can affect your rates and potentially the insurability of your business with a private Workers' Compensation carrier. Most companies will require reports of the claims history to place the coverage. This can be even more crucial information in 2013 and in years moving forward, because the pricing of Workers' Compensation insurance is expected to go up. The reason premiums costs are expected to increase is several fold. First, the overall costs of medical care have increased historically around 10% per year for the last decade. Second, the competing Workers' Compensation carriers in California may be pricing the current plans to low to gain market share which will result in dramatic increases in premium pricing if accurate. Loss ratios of some of the major players show it to be accurate. Therefore, your claims history becomes even more important as the underwriting department may put you through a much more thorough level of examination to ensure it is taking on the lowest possible risk at the best price. Employers with clean injury history will be rewarded.
Payroll Reports
If you are utilizing a payroll system or service and the system or company is able to provide you will payroll run reports per job classification on a monthly, quarterly, or pay cycle basis this can make your life simpler when completing the universal quote application form, know as ACORD. This is because your payroll remuneration needs to be split by the job duties or classification of employees.
When submitting a quote request for underwriting on your Workers' Compensation policy you can provide enough details. The more specific you can be, the more specific the pricing will be. Remember, the main areas of focus are business description, renewal date of existing policy, claims history, and payroll reports.
About The Author: Dennis Jarvis is a licensed California health insurance agent with extensive knowledge of the Individual and Small Group California health insurance market. http://www.workers-comp-california.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=1846021
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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