What You Need for a Workers Comp Quote

The information checklist

Have your legal business name, FEIN, the states where employees work, a description of each job, estimated annual payroll for each type of work, and the number of employees. If you were insured before, loss runs for the past few years help underwriters price your account.

If you use subcontractors, estimate how much you pay them and whether they carry their own workers comp.

How to compare quotes

Look at the estimated annual premium, but also at the deposit, the payment plan, whether pay-as-you-go billing is offered, and how the audit will be done. Confirm that each quote uses the same class codes and payroll, otherwise the comparison is not apples to apples.

Check that the policy includes the states you need, the employers liability limits your contracts require, and any endorsements such as waivers of subrogation.

After you choose

Once you accept a quote, the agent binds coverage and issues the policy. Ask for certificates of insurance for clients and keep a copy of the policy declarations for your records.

Documents to gather before you request a quote

• FEIN and legal business name
• Job descriptions for each role
• Estimated payroll by type of work
• Loss runs from recent policy years if previously insured
• Subcontractor costs and their certificates
• Same class codes and payroll on every quote
• Deposit and payment schedule
• Pay-as-you-go availability
• Employers liability limits
• States listed and other-states coverage
• Endorsements required by your contracts

Frequently asked questions