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Episode 16: Workers Compensations, from quoting to the audit how it all works.
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This episode dives into the business policy everyone needs it they have employees, Workers Compensations. Beth Carballo the Senior Commercial Lines Manager and Office Manager talks about what you need to start a policy.
Beth gives details about payroll and explains Class Codes when putting together your policy. We then talk about why it is important to not only complete your end of the term audit, but how important it could be financially if you don't.
If you have any questions about your home, auto or business insurance, please reach out to anyone on the Finck & Perras Team!
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Chapters
1. Intro (00:00:00)
2. Beth gives story and history with Finck & Perras (00:01:04)
3. What is Workers Compensation insurance? (00:02:02)
4. Who needs Workers Compensation insurance? (00:02:54)
5. What if I don't want Workers Compensation insurance? (00:03:22)
6. What do you need to get a quote? (00:03:55)
7. What are class codes? (00:04:32)
8. Do all carriers write Workers Compensation insurance. (00:08:32)
9. What is the Assigned Risk Pool? (00:09:10)
10. What is the Experience Modification Factor? (00:10:58)
11. What is the audit? (00:13:11)
12. What kind of paperwork do you need to complete an audit? (00:15:30)
13. What happens when your payroll was to high, or to low? (00:16:16)
14. When and how should you hear from the company about the audit? (00:18:40)
15. What if I decide to simply not do the Workers Compensation audit? (00:19:22)
16. What is the billing process once I completed the audit? (00:22:31)
17. Can I change the payroll figure the company uses? (00:24:01)
18. Wrap up! (00:24:58)
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