How does "Get a Quick Quote" work?
How soon should I get started to shop for a quote?
What do I need to get a firm quote?
How long does it take to get a quote?
What can I do to lower my insurance costs?
What exposure do we have from our employees?
How do I handle a claim?
What is a safety program and how can it help my business?
How can we verify that an applicant for employment is being truthful about prior Workers' Compensation injuries?
Are Corporate Officers included in Workers' Compensation coverage?
Are Sole Proprietors or Partners included in Workers' Compensation coverage?
How do I combine entities under one Workers' Compensation policy to provide more savings?
How does get a "Quick Quote" work?
We provide limited service hotels with a quick indication quote within 48 hours. Full service hotels can still receive an indication quote by getting a "Quick Quote". However the indication will take up to 2 weeks. This indication quote must be submitted along with 3 year loss information for the insurance company to give final approval. See below for a Loss/Run request form.
How soon should I get started to shop for a quote?
For larger businesses you should start working on the process 90 days prior to the expiration of your existing insurance coverage.
For smaller businesses 30 to 60 days prior to the expiration of your existing insurance coverage is adequate.
What do I need to get a firm quote?
The first thing you will need for a competitive quote is a three year current valued (within 90 days) claim history from your prior insurance carriers.
Contact Insurance Xchange so we can obtain the information necessary to provide a quote. We have a simple two-page form to gather most of the necessary information for a hotel operation.
How long does it take to get a quote?
We can provide a quote indication for most hotel and small businesses in 48 hours.
What can I do to lower my insurance costs?
Check with your industry association to see if they can direct you to a qualified insurance agent familiar with your type of business. Work with an agent who knows the hospitality industry and has insured many similar operation. They will know where to go to get you the best price.
If you have a building with sprinklers ask your agent if you have been inspected by ISO. If you have not, an inspection can be ordered, which will help lower your rates substantially with many insurance carriers.
Write as much insurance under one package as you can to lower your rate. As an example if you have multiple legal entities that have common ownership it helps to combine these together under one policy. Package policies have premium size credits. Umbrella policies are cheaper for multiple properties. Workers' compensation coverage can generate an experience modification. This can lower your premium substantially if claims are reduced through safety meetings and other risk management solutions. Implement a safety plan. (Please see the question "What is a safety plan?").
Get a 3-year Loss Run report. A Loss Run report is a form in which every insurance company tracks the history of claims occuring within a policy term. Every insurance company requires a copy of 3 years of the prior carriers loss history to provide the best price. A statement of losses is adequate pending receipt of a Loss Run report. Click below for a Loss Run (Claim) or a Loss Run Statement of Losses:
What exposure do we have from your employees?
1. Sexual Harassment
2. Age Discrimination
3. Disability Discrimination
4. Wrongful Termination
One-fifth of all civil law suits filed in Federal Court are employee related.
Employment Practices Liability addresses all of these types of claims and is a fairly inexpensive coverage to obtain.
These are just a few of the types of exposure that exist as an employer.
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How do I handle a claim?
If you have an incident or accident of any kind report it immediately to the proper authorities and to your insurance agency so they can notify the insurance company. Most policies have a clause stating that the insurance company must be notified within a specified amount of time; it is usually 30 days.
If the claim is a liability claim it is important to get a witness statement and have any witnesses fill it out immediately. Also have the manager on duty fill out an incident report immediately. If an employee is injured on the job then fill out the First Report of Injury form for the appropriate state. Fax this information to our office at 423-894-0907.
What is a safety program and how can it help my business?
Safety programs bring safety to the fore-front on a regular basis and they are statistically shown to reduce claims. Keeping claims at minimum insures that insurance companies will give you the best rates. Most importantly your employees will have less injuries and your clients will have less incidents.
How can we verify that an applicant for employment is being truthful about prior Workers' Compensation injuries?
In Tennessee you can submit a form to the Dapartment of Labor for verification of prior Workers' Compensation injuries. If you hire someone and they are reinjured you will be responsible. See form below for details.
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Are Corporate Officers included in Worker's Compensation coverage?
Yes, they are automatically included but can be excluded by completing the appropriate state form below.
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Are Sole Proprietors or Partners included in Workers' Compensation coverage?
No, they are automatically excluded but may be included by completing the appropriate state form below.
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How do I combine entities under one Workers' Compensation policy?
Complete a form ERM-14 below.
