8 Workers’ Compensation Scenarios That Should Trigger a Call to a Specialty Wholesaler

Workers’ Compensation is anything but straightforward. And just when you have a handle on your clients’ business operations, they add a new business location, have a significant loss, forget to pay their insurance bill, or start hiring an entirely new classification of employees. Sometimes it’s just your client’s needs outgrowing the Workers’ Comp insurance carrier that has handled their Workers’ Compensation policy for ages.

As the song goes, “Nothing lasts forever; nothing stays the same!” Here’s the good news: Jencap is counting on it and prepared! We are a niche wholesaler that specializes in monoline Workers’ Compensation and can accommodate virtually any risk.

Here are just a few common risk changes and scenarios we regularly see that prompt agents to seek different coverage for their clients—and how we can make that process easier:

  • Your client started a new venture operation.
    While half of new businesses sadly won’t make it past year five, even fledgling businesses can’t ignore the necessity of Workers’ Compensation insurance when they begin hiring employees. However, regulations for when WC is needed can vary by state, —some states require it as soon as the first employee is hired, others don’t until employee number 3 or 4. Jencap will ensure you set new venture operations up for success by pairing them up with the best WC insurance carrier right from the start.
  • Your client lost their existing WC coverage.
    Your client’s existing WC coverage may be denied for renewal for a number of reasons—due to their loss history, because their current insurance company no longer offers that particular coverage, or because the insurance company no longer operates in your client’s state. No matter the reason, your client will need to seek coverage elsewhere. As a specialized wholesaler with over 60 monoline WC carriers, Jencap has broad market access to shop the account and secure the right carrier partner for your client and their risk.
  • Your client is adding a new business location in another state.
    Many carriers only offer coverage regionally or in specific geographic locations. If your client opens a new location in a state where their existing WC carrier isn’t licensed to operate, they’ll need to seek additional coverage from another carrier who is licensed in that state or who can cover the business in all its locations. Jencap has national carriers that operate from coast-to-coast and understand the unique regulations and requirements of each state or region, making multi-state operations a breeze.
  • Your client is currently on an Assigned Risk Plan.
    Individual states provide assigned risk plans to allow businesses who have been denied insurance from the standard market to purchase WC coverage. If this is the case for one of your clients, call Jencap. We can provide robust, competitive options for even the highest Experience Mods and riskiest class codes, so you can help your client avoid the assigned risk pool entirely.
  • You want to compete with an account’s current renewal offer.
    It’s hard to pull a client away from a long-time relationship with their insurance agent. If you want to win their business, you better show up with a compelling reason to move. With our network of WC specialists, unmatched market access, and niche program availability, we know we can provide a killer competing renewal offer.
  • Your client just started hiring 1099 sub-contracted workers.
    Workers’ Compensation insurance is intended for full-time employees. When a business starts hiring 1099 sub-contracted workers, WC considerations can get a little complicated, because regulations vary by state. Many carriers are unable or unwilling to deal with this kind of complexity—but with Risk Innovation’s market reach, it’s not a problem for us at all! With the numbers of contracted workers on the rise, you want a partner like Jencap who knows how to address the Workers Compensation needs of a blended workforce in any and every state.
  • Your client didn’t make their payments and lost their coverage mid-term.
    If your client didn’t make their scheduled WC insurance payments, their carrier may have dropped them mid-term, which, no surprise, can prompt other carriers to consider them too risky to insure. Because employer-provided WC coverage is required by most states, your client will need to seek alternatives—and Jencap can provide them. With our market access and broad underwriting guidelines, you can successfully place even the trickiest of client risks.
  • Your client wants out of a PEO.
    PEO, or a Professional Employer Organization, is a partnership through which a business “outsources” their Workers’ Compensation insurance and other HR responsibilities. In the case of WC insurance, the PEO assumes all risk and liability. This can be an attractive option for small, new businesses that traditional carriers deem too risky because they don’t have an established risk management track record. At some point, however, your client may decide to leave the PEO; in which case, they’ll need to be able to take on the responsibilities of providing Workers’ Compensation for employees. Jencap is here when your client is ready for that next step—or, even better, we can pair them with an appropriate carrier right off the bat to help them avoid a PEO entirely.

 
No matter the risk or client situation, Jencap is here to serve as your Workers’ Compensation expert and guide. We’ve been in operation since 2002, work across all 50 states, and have unmatched market access in Workers’ Compensation. No matter the challenge—from lapses in coverage to high-hazard industries—we’ll work alongside you to find the coverage your clients need. Contact us today to learn more.

Don’t See What You’re Looking For?

Chances are ... we cover that, too. Jencap’s friendly experts are here to answer any questions you may have.

Q

How Can We Help?