Risk Management

Changes that can be made to a workers compensation policy for architects/engineers

With a workers compensation policy, it is important to remember the renewal premium is just an estimate.  Workers’ compensation policies are audited at the end of a policy period and that is when the ‘actual’ premium is determined.

Even though the policy renewal is an estimate the salaries can be adjusted so that your firm isn’t hit with a large premium deficit at the audit time or paying a higher premium up front if the salaries are different than the estimate.  The salaries and job titles can be adjusted during the policy period.  Keep in mind the policy will still be audited at the end of the policy period.

Like the professional liability policy your firm’s name and address on included on the workers compensation policy and can be adjusted if needed.  If your firm has multiple locations, including employees working from home, this needs to be reflected in the policy.  There are some states who will need additional information on the location.

The limits can be adjusted on the policy as well.  If your firm has the state minimum and has a contract that requires higher limits that can adjusted. The insurance company may have additional questions about the change and will provide a quote showing the additional premium for the changed limits.

Owners can be included or excluded in a workers compensation policy, and this can be changed during the policy period.   Again, the insurance company may need additional information to implement the change.

A waiver of subrogation, which is common in a workers compensation policy, can be added to the policy, if it isn’t already included.  There will be an additional premium for this endorsement.

If your firm has any questions with regards to changes on a workers compensation policy for architects/engineers please call, or email, your Professional Underwriter agent for assistance.

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