What factors are affecting your Workers Compensation Policy premium?

workers compensationWhat factors are affecting your Workers Compensation Policy premium?  There are many factors that go into rating your Workers Compensation Policy for Design Professionals.  Each carrier has a different prospective of rating on this policy.  Also, each State will have different mandates for the Workers Compensation policy that affect the premium.  Below are some of those factors that could change the premium.

Discipline – What types of services is your firm offering?  Is your firm an Architecture firm or drafting?  This can change the premium depending on what your firm is doing for services.

State – What State(s) is your firm operating in?  Each State has its own rules and requirements that the insurance company has to abide by.  These can have an affect on the premium.

Duties/Job Descriptions – This can be different for each person within your firm and carriers do look at this factor.  If you have staff that is clerical they are rated lower than an Engineer who is out in the field on occasion.  The Engineer is considered a higher risk and therefore rated different.

Salaries – Whether it’s a set salary or an hourly rate the carrier will need this information to provide quotes.  The carriers require this for each employee and will rate it based on both the job title and salary of each employee.

Sub Consultants – Carriers will ask if you are hiring sub consultants as a part of your Design Professional firm.  If you are hiring subs they will ask for proof that those subs have Workers Compensation policies.

Limits – The limits, as in most policies, will change what the premium will be on the policy.  The higher the limits the higher the premium will be in most cases.

Claims – If your firm has claims it is going to depend on the amount of the claim and how many years ago the claim was.  Most carriers will ask for details of a claim on Workers Compensation, it is best to provide as much information on a claim as possible.

Please feel free to call or email your PUI agent to ask questions on how your Workers Compensation policy is rated.

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