New independent agent - worker’s compensation quotes

[Matthew Hord]

I’m a very new independent insurance agent and have a staffing company wanting me to quote them worker’s compensation. None of my carriers will pick them up. They are in four states NC, SC, GA, and NJ. I don’t want to miss out on a huge opportunity. How can I get these guys a quote? I looked into state rates and ncci however they are supposed to be a last resort. They currently have coverage and want a different agent. What are my options? I am very new to the commercial insurance and a little lost how I can make this sale work.

 

[Markthebroker]

Do everything you can to shop it around, and take notes. Exhaust all options. If you can beat their policy, then great. Slam dunk.

You already know they want another agent, so show them all the work you've done and how committed you are, and offer to BOR/AOR the policy.

I've done this before more than once. As a matter of face, for my first five years or so, around 50% of my policies were bor'd.

 

[AZDave]

With the 'rate' for Work Comp set by NCCI, the only real difference you can offer is yourself. With payrolls being the same, your quote is not going to be much different than the competition, unless your carrier carves out a big credit.

I am also thinking that staffing companies pose a significantly higher risk, as you have heard from your carriers that are declining to quote.

I would check with FrankCrum , David Viar 727-799-1229 ext 1433 . They offer both PEO options and direct Workers Comp for the oddball stuff.

Also, @EugeneM . Maybe he will chime in for you.

Good Luck!
Dave

 

[Markthebroker]

With the 'rate' for Work Comp set by NCCI, the only real difference you can offer is yourself. With payrolls being the same, your quote is not going to be much different than the competition, unless your carrier carves out a big credit.

I am also thinking that staffing companies pose a significantly higher risk, as you have heard from your carriers that are declining to quote.

I would check with FrankCrum , David Viar 727-799-1229 ext 1433 . They offer both PEO options and direct Workers Comp for the oddball stuff.

Also, @EugeneM . Maybe he will chime in for you.

Good Luck!
Dave

I don't know about other states, but here in Ca, rates and rates after discounts vary wildly from carrier to carrier.

 

[AZDave]

For my contractors, all seem to use NCCI voluntary rates. I have seen carriers use their own rates for other classes such as auto repair and restaurants. AmTrust comes to mind.

I thought carriers were mandated to use NCCI voluntary rates in NCCI states. Then I was proven wrong years ago on a restaurant account, and got my ass kicked by AmTrust. What really irked me was I had access to that same program! Too late by the time I realized it. So much to learn in this business.

I Could not imagine doing business in the Peoples Republic of CA. Mark - Do you place alot with WCIRB as a last resort?

 

[Markthebroker]

WCIRB doesn't sell insurance.

If you mean State Fund, then yes, when I have to, but only when I have to. They are a nightmare to deal with.

 

[EugeneM]

Staffing is no problem. State Fund/NCCI is a last resort for sure, the other broker should have it blocked anyway. I have both guaranteed cost options with A rated standard markets and ASO, EOR, Captive options depending on what type of work they are doing.

Feel free to reach out

[email protected]

Eugene Man
Account Executive
Reata Holdings
Cypress Funding Inc.
Ironwood Brokers
(800) 506-0602 x.121
Cell – (510) 999-0322
www.reataholdings.net
www.cypressfunding.com
www.ironwoodbrokers.com

 

[MikeyR]

I don't know about other states, but here in Ca, rates and rates after discounts vary wildly from carrier to carrier.

I was actually going to say I was quite shocked, I had always had the same assumption that WC was going to be near same amounts. Yet funny enough on my first one we came up 23% lucky we saved them so much on E&O but yeah definitely a learning experience.