Live Chat
Serving independent insurance agents since 1954
Workers’ Comp: Bare Bones Information

Workers’ Comp: Bare Bones Information

“To be or not to be, that is the question.”  This is probably the most famous line from playwright, William Shakespeare. It comes from his play Hamlet, and you may be saying “Well so what? How does that relate to insurance?” That line may not, but another phrase used by Williams Shakespeare does and that term is “just the bare bones.”  He first used this is 1593 and in the insurance industry, this can be referred to as a stripped-down policy regarding coverage as well as the information needed for a quote.  Some insurance coverages can be estimated with very little information.  For example, if you have a one-person lawn care operation, it’s not too hard to get an estimate of the general liability premium based on this little amount of information.  

Workers Compensation is a different animal though. There is more information needed than most coverage.  The “bare bones” information we need, for a quote, are the following items: 1- Name and address of applicant, 2-The applicants Employer Identification Number or commonly referred to as EIN, 3-What the applicant is doing or what classification they would go under, 4-What is the applicant’s payroll and if there are various classifications used, how much payroll goes under each classification, 5-Three year loss runs and lastly, 6-Social Security numbers for all officers.  

As we start a new year, if you write general liability coverage for your clients but not the Workers Comp side, consider talking to them about this line of business.  You already have a relationship with that client so it’s a nice way to build your business with existing clients.  Bloss & Dillard has options for this coverage so “to write or not to write, that is the question.” 

Posted by Colin Wills, Workers Comp on Jan 13, 2023