Renewal for California Companies
California Workers Comp renewal is an
important time for most companies. With today's
marketplace and process, there's no excuse for just
staying put with your same old company and coverage.
Unlike most other types of California business insurance
underwriting processes, Worker's Comp is relatively fast
and easy. Let's take a look at Worker's Comp renewal
for California companies.
First, a contrast with Group health
insurance. As much as we may dislike the annual rate
increase from our group health carrier, it's no easy
task to apply and enroll for new group health insurance
in California. Each employee needs to submit
applications and the benefits are as varied as the needs
of the employees. There's a real cognitive barrier to
making changes at group renewal. Worker's Comp in
California couldn't be more different. First of all,
the benefits are standardized for the most part. In
most situations, we're trying to address the core
requirements set down by State law and/or contractor
requirements. This makes plan comparison relatively
easy since the decision now comes down to cost and
The next piece that makes quoting and
shopping at renewal easier is the standardized ACORD 130
form which allows for one form to completed and shopped
out to multiple carriers. In most other types of
commercial insurance, each carrier has its own set of
forms and peculiarities. It's untenable to apply for
multiple carriers in that respect. The ACORD 130 form
eliminates this barrier for California Worker's Comp and
makes renewal quite a bit easier for your company. So
what should we do and how do we begin?
First, put together the basic
information that is needed to successfully complete the
Worker's Comp California quote form. This generally
means your payroll, claims experience, and employee
profile (# of employees, locations, job description,
etc). You can take a look at the needed information in
detail with our California Workers Comp quote form.
This is all that is needed to quote for most companies.
Next, go ahead and complete the quote form from
The form is available on every page. It's best to
request just a quote as opposed to securing the actual
coverage. Workers Comp is different from group health
in that the response from the carrier in most cases will
be an offer of coverage at a certain amount of premium.
The back and forth of underwriting that group health
involves is largely missing (luckily) from Workers Comp
in California. Requesting the quote as opposed to
actual coverage issuance or binding gives you more
flexibility to choose the best offer.
There may be situations where you
actually want the coverage issued immediately and this
typically results from a time issue, meaning that we
need coverage proof as fast as possible. If you know
that you will only be able to qualify for State Fund
based on age of your company and/or claims experience,
business type, then it makes sense to just have the
carrier issue the coverage as opposed to just requesting
a quote. In that case, we know that they are the only
insurer we can qualify for. Of course, we will help you
investigate whether private carriers (with better rates)
might be available for your particular situation.
Renewal provides you a chance to 1)
make sure your census information is current and 2) make
sure you are getting the best possible California
Worker's Comp coverage for the upcoming year. Let us
help you with the process.
State Fund workers comp in California
Different approaches to California Workers Comp
Introduction to the workers comp market