California Workers Compensation Quotes

So, you are looking to obtain a California Workers Compensation Insurance Quote? Let me walk you through some of the process as well as give you some pointers to help make your experience go as smoothly as possible. The first thing to know is that when communicating with your broker you will be providing information about your business to them. It is very important to remember that the info you provide will depict the premium amount that your future carriers will propose. That means that you should be specific and consistent when requesting quotes for various agencies.

Depending on what industry your business is in will determine what class codes your employees will be classified in. You must give them an incredibly detailed account of your description of operations as well as the employee’s job descriptions. In doing so it will ensure that your broker will place each employee in the correct class code when trying to obtain a competitive quote. In California, this is critical to getting accurate quotes.

You will also be asked to project future annual payroll figures broken out by each class codes. It is vital to project these numbers as accurate as possible. If your numbers are projected too high you will have a larger deposit and very large monthly installments. If you choose to do live monthly reporting you will be paying premium based off actual payroll figures so your monthly payments will amount to what is truly owed for each specific month. On the other hand if you project too low then you could possibly get stuck with a monstrous audit at the end of your policy period. Either way, not to worry! Once the audit is performed it will reconcile any discrepancies and you will only end up paying the true premium amount owed.

Another very important factor to consider when getting a competitive quote is to maintain a good loss ratio. Every California business paying over a certain minimum premium amount is appointed an Ex-Mod or Experience Modification. This is similar to a credit score for your business except instead it measures your company’s loss ratio in terms of claims versus premium paid. This “rating” or number will largely affect your rate as well as your premium either negatively or positively.

Last but definitely not least you must try your hardest to choose the best broker possible to handle the job of getting your most viable and competitive California Workers Comp Quote. Not every brokerage has the same markets and carriers that they work with. The markets and carriers they do have access to will depend on the agencies size, abilities, niches, relationships, and connections. The best case scenario is to find a brokerage that specializes in your industry, type of business and/or niche market. We here at JVRC pride ourselves in being very well versed in several markets as you can see many of them listed here on our website. We are determined to find you the most competitive California workers compensation quotes and look forward to the opportunity to serve you!! The great thing is we are just a click or a call away!