New to working with Risk Innovations or just looking for a refresher on our renewal process? We’ve got you—and your clients—covered. We understand the importance of keeping Workers’ Compensation insurance policies up-to-date, and we’re here year after year to make sure your clients are well taken care of. 

The Renewal Process: An Overview

Aside from a few differences that come up based on premium level and the insurance carrier, the basic renewal process is straightforward: 

1. Step 1 – Account Review: Like the majority of commercial insurance, Workers’ Compensation insurance renews annually. About three months prior to the renewal date, Risk Innovations reviews:

  • The insured’s existing policy and any endorsements or adjustments to it from the past year.
  • The most current ACORD 130 form we have on file. 
  • Loss history information provided by the insured’s carrier.
  • The insured’s Experience Rating Worksheet. 

We look for any changes to the insured’s account over the past year that might impact their overall risk and affect the upcoming year’s premium. For instance, have they made changes to headcount? Have they expanded or closed locations? Did they implement new safety measures? Have they made any other significant changes to their business operations?


2. Step 2 – Market Assessment: Once we have a complete picture of the insured’s account, we do a market assessment to review what is currently offered across different insurance carriers. This review ensures the business is not only getting the best price but is also working with a carrier that can support other needs. For example, if a business needs additional support implementing safety measures or improving loss control, we may recommend a carrier that bundles those services into their plan. We do this assessment automatically for all accounts with an over $10,000 premium, but we’re happy to help accounts with lower premiums explore options by request.

Most often, the best option for the insured is to remain with the same carrier year after year, but our goal is to always seek out their best option in terms of both premium and plan.


3. Step 3 – Renewal Acceptance and Payment: Accepting a plan’s renewal for the next year looks a little different, depending on the carrier and the premium amount. With lower premium amounts, for example, the insured can simply accept and pay. Businesses with higher premium amounts will receive a physical renewal quote to review, which they then need to formally bind, or accept, with their agent.

Depending on the plan the insured chooses, they have several payment options. Some, particularly those with lower premiums, prefer to pay the entire premium upfront. Others opt to spread payments throughout the year or select a pay-as-you-go plan. 


Helpful Tip: Agents often ask us if they need to send an updated ACORD 130 form for their client at the time of renewal. This requirement varies from carrier to carrier, but we strongly recommend sending us an updated form each year, regardless of whether it is required—particularly for accounts with a premium over $10,000. 

The ACORD 130 captures all the important details about a business (name, locations, payrolls, etc.) and is incredibly helpful in accurately assessing current risk and determining premium amounts. In addition, because this form must be signed by the insured, it provides confidence that everyone on both the insurance and client sides are on the same page.

Renewal Process Differences, Based on Premium Amounts

While the renewal process is similar across all of Risk Innovation’s accounts, there are some important distinctions to keep in mind, depending on an account’s premium amount. 

  • Accounts Under $10K in Premium: For lower premiums, the overall process is a bit simpler and can move faster. Roughly 30-60 days before the account’s renewal date, the insured’s current insurance carrier will send them an auto-renewal notice. Agents can find the policy and endorsement information for the upcoming year in their Risk Innovations Agency Portal. All the insured needs to do is accept the renewal and pay to maintain their coverage for the following year.

    Most often, insureds with lower premium amounts are best served by staying with their current carrier, but their agent can always reach out to Risk Innovations if they’d like to explore other options.
  • Accounts Between $10K-100K in Premium: For insureds with premium amounts in the mid-range, Risk Innovation will send a quote to their agent 30 days prior to the renewal date. Once accepted, the insured will be billed directly for a down payment by the carrier, which is typically due by the renewal effective date.
  • Accounts Over $100K in Premium: Three to four months before the renewal date, Risk Innovation will proactively reach out to the insured’s agent, requesting information regarding any changes from the past year that impact risk. We would need to know, for instance, whether a restaurant that previously only offered in-restaurant dining now provides delivery services or opened a new location in another state. 

Whether this is your first renewal with Risk Innovations or your 100th, we are here to make the process as easy as possible! As you’re preparing for your next renewal, please reach out with questions or requests for support. You can contact Rebecca Sullins for assistance with renewals less than $30k in premium or Jackie Barrett for renewals over $30k in premium.