The workers compensation market in California has been hit especially hard with the down turn in the economy. So hard, in fact that many standard carriers that were writing a lot of business in California, have stopped writing any new business all together. One market that has held strong and is a very important market for the workers compensation is the CA State Fund.
The California State Insurance Fund is the largest provider of workers compensation insurance in the state of California. They know the market better than any other carrier who writes coverage in the state. Of course, as the state fund, they have to be a strong market. But does that mean that they are going to have the best turn around time?
Until recently, the SCIF used an antiquated software system for inputting customer date to be submitted for a quote. This required uploading documentation from insured to the SCIF for internal underwriting review. This process could take up to 45 days. We all know that this is America. Nobody wants to have to wait for something! We want it and we want it NOW!
Fortunately, they have re-vamped their workers compensation rating system and the turn around time has been significantly reduced. Estimated premiums in excess of $10,000.00 annually are underwritten in 10 days or less. Premiums less than that is still earmarked for potentially 30 days, however we have seen quotes in as little as 72 hours. What this says to us is that SCIF is making the effort to streamline their turn around time to meet the needs of their clients to improve satisfaction but most importantly to give you the opportunity to provide the coverage for your employees that they deserve.
This new system also has pricing tiers. Depending on your job duties, risk classification, prior policy history or loss history, will depend on what price tier your company qualifies for. This is in addition to the experience modification factor. Each business is different and no two are the same. Each is rated individually and rated accordingly.
In 2013, for a company to qualify for an experience modification factor, their premium must qualify for the program. This year, the minimum premium requirement is $27,500 worth of premium to qualify. This amount of premium has risen consistently by a little over $2,000.00 in premium annually. If you do not meet the threshold for premium requirement, your business will not get rated for an experience modification factor.
I highly encourage any California business owner to check out the website for the WCIRB. The Workers Compensation Inspection and Rating Bureau for California. There is some excellent information that you may find useful when reviewing your own policy. www.wcirb.com
The WCIRB runs the California State Fund for Workers Compensation Insurance.
By using a trusted workers compensation Specialist, we can expedite the quote process for you and have a direct line to the underwriter working on your account. We have established relationships with these underwriters and have an expectation of what they require of a submission. We do everything that we can to try and get your information as quickly and efficiently as possible.
Once your policy is quoted and bound, we can issue certificate of insurance for you immediately meeting the demands of your clients or contractors. This level of customer service is not something that you can obtain if you were to contact the carrier and write a workers comp policy directly with them. You would have to submit a request for a certificate and processing that could take days.
As we all know, time is money and the faster that you can get on a job, the faster you can finish the job. That is valuable to both you and your client. Workers Compensation Shop is a national insurance agency specializing in workers compensation and we provide CA State Fund quotes fast.
