5 Reasons to Work with Risk Innovations
Workers’ Compensation Insurance has many unique intricacies, which is all the more reason to work with a specialized broker. Class codes have blurred lines, regulations and requirements are always changing, and no two commercial operations are the same.
While it’s important to properly classify business, provide competitive rates, and ensure all necessary coverage is in place, the most important thing a broker can do is protect the individuals that are working for the companies they insure.
Risk Innovations takes pride in checking all of the boxes for our agency partners. We work exclusively with specialized Workers’ Compensation carriers that have the industry’s best loss control services, safety programs, employee training, and several other tools that prevent a claim from ever happening.
Here are a few more reasons to put your trust in Risk Innovations for your Workers’ Compensation business:
1. We customize your policy to fit your needs.
One size doesn’t fit all in the world of Workers’ Compensation. Some commercial operations need very few loss control services – while others may need a fully comprehensive loss control program. Some businesses need a standard guaranteed cost plan, while others may be a great fit for a large deductible plan or otherwise. Depending on the operation, additional coverages may be needed beyond just Workers’ Compensation – including USL&H, Occupational Accident and foreign coverage.
2. We keep track of the latest marketplace trends.
There are many emerging classes of business in the insurance industry. As a result of COVID-19, medical providers ventured deeper into telehealth, causing them to face new exposures. Additionally, cannabis, artificial intelligence, cloud computing, alternative and renewable energies, healthcare, space travel … these newer and growing industries have to be closely monitored by professionals to ensure they are placed with the right carrier and with the right coverage.
3. Water changes everything – we knew that. Did you?
Determining what risks require USL&H coverage can be tricky – and not something you want to get wrong! Risk Innovations has one of our country’s few Certified Marine Insurance Professionals that went to exhaustive lengths to understand the in’s and out’s of this coverage and when it’s required. We see so many risks that require USL&H coverage but don’t have it. Anytime you see the words “dock,” “pier,” or “vessel,” it signals they will likely need USL&H coverage. Our specialized carriers may also choose to add this on an “if any” basis just in case the insured comes across an unexpected situation where this coverage is needed.
Here’s an example for you: You insure a cabinet contractor that does residential installation 95% of the time. They live in a port city and a few times a year, they board a vessel on water to install cabinets. Do they need USL&H coverage? YES.
4. It’s easy to incorrectly classify a business operation. We can help.
All Risk Innovations does is monoline Workers’ Compensation – and we see hundreds and hundreds of commercial operations every week. While we can’t tell you exactly what class code to use, we can advise when we think the wrong code is being used and offer some guidance (5606 for example is incorrectly used all the time).
If you’re not sure about the class code, you can contact NCCI directly at 1-800-622-4123 and select Option 5 (you’ll get a real human to talk to and they’re very quick and helpful). If you’re in a Bureau state, NCCI will give you the contact information for your Bureau.
5. We provide broad (and exclusive) access.
Risk Innovations partners with 40+ monoline Workers’ Compensation carriers. Because of our significant size and expertise, we have broader underwriting guidelines and exclusive access to many niche programs with our carriers.
Partnering with Risk Innovations as your wholesaler of choice also provides access to Jencap’s 40+ exclusive programs, 250+ wholesale brokerage markets, and 50+ foreign and domestic binding authority programs.
When you think Workers’ Compensation, think Risk Innovations. We know Workers’ Compensation inside and out because it’s the only line of business we write. Our team of experts boasts decades of experience in every facet of Workers’ Compensation – from multi-state risks and international exposures, to USL&H and everything in between. Put our team to the test today and contact us for a customized quote.