Pricing Factors of Workers’ Comp

Underwriting Authority & Standardized Credit Programs

Depending on state regulation (as always) carriers may have scheduled rating factors (credit/debit) they can apply to adjust pricing of a WC quote. These scheduled deviations should be justifiable (e.g. the insured has a fleet safety program, warranting a 10% scheduled credit be applied) but are sometimes swayed by the need to arrive at the right bottom-line cost of coverage to win the account and are therefore important to be aware of as a person selling insurance. This post provides a basic overview of this information along with available standardized credit programs. … Read More

Experience Mods & Merit Ratings

In this post we will cover the basics of Experience and Merit ratings. Although we have limited availability for this data, it is critical to have a basic working knowledge of what these ratings represent, how they are created and where they factor in to the overall cost of a Workers Comp policy. … Read More

Overview of Voluntary, Assigned Risk & Markets of Last Resort

In this post we’ll give you a basic overview of the various Workers Comp markets, which relates to how coverage is placed for an insured – were they voluntarily written by a carrier in the private market or was the prospect forced to apply for coverage via the state to have insurance ‘assigned’ to their account? … Read More

Overview of Loss Costs & Loss Cost Multipliers

What is a Loss Cost? What is a Loss Cost Multiplier? As a Commercial Insurance Producer, why is this information important to me? Grab that ‘world’s best insurance agent’ mug, fill it up with some cheap office coffee and lets get cracking. … Read More