Below is a checklist of items to look out for when obtaining Workers Compensation quotes for your firm.
- Employer’s limits of liability – what are your current limits of liability and are the quotes you are getting the same.
- Named insured – make sure the spelling and your firm name is correct.
- Locations – if you have multiple locations on your policy be sure they are all listed on the quote, including ‘other designated states’.
- Effective date – the effective date seems like something simple, but verify that you have the same effective date from your previous policy period.
- Classification code number and description – verify that the salaries and classifications of employees are correct.
- Principals – be sure it is clear if you want the principals included or excluded on the policy, if they are excluded be sure the salaries are not included in the classification section of the policy.
- Endorsements – verify endorsements on the policy, for example; broad form endorsement, stop gap, blanket waiver of subrogation.
- Extended Options – is there additional coverage that you have on your current policy and is that included on your quote?
- Deductible – does your current policy have a medical and indemnity deductible? If so, what is the deductible and does the quote have the same amount?
- Designated medical provider – does your firm current participate in this program and is it offered with other carriers quoting?
- Cost containment certification – does your firm currently participate? If so, are you getting additional credits on your quote for participation?
- Exclusions – read the carriers policy so you are aware of what the exclusions are on the policy.
As always be sure to check with your PUI agent to make sure you are getting your Business Owner Policy needs met.