Managing a business can be a headache, especially if you deal with multiple locations. As deadlines, holidays, and daily paper work pile up we can EASILY forget about some of our biggest expenses, such as California workers compensation insurance. Unfortunately this was the case with one of our newest clients.
Business was doing well for this client, they had a profit increase up $121,000 from last year. With NINE locations (2 in California) you can only imagine how much paperwork they deal with. Unfortunately our soon to be client went 5 whole years without shopping their workers compensation insurance or looking for better rates.
Turns out the client was with the California State Fund, total premium? $97,890. Sounds like a fair price for 9 different locations right?.. NO, this was for JUST 2 of its California locations. We were able to place this client with a A-Rated Superior California based carrier at, wait for it…. ..$62,731!
That’s a savings of $35,159!! Why were we able to save our client so much?
First, the prior insurance agent was using an incorrect class code (factor that tells the insurance company how to rate premium) per the WCIRB (Workers Comp Insurance Review Board) the client could have been using a more specific code.
Second, we shopped our clients policy with our list of over 120 different carriers. Our access to the vast California workers comp insurance market gave us an edge over the prior company. With quotes from 130K to 62K we were able to place our client with a reputable company at an amazing rate.
DON’T BECOME A VICTIM OF LAZY INSURANCE AGENTS. Call us right now and we’ll make sure you find a workers comp insurance policy that makes the perfect fit for your business.