About 90 days before your workers' comp renewal, you have the most room to make a good choice. You have time to ask questions and compare. You don't have to just accept the number that shows up in the mail.
This is true whether you stay with what you have or look at other options. Even if nothing changed at your trucking company, the market changes every year. There may be new programs, new pricing and new options that were not there at your last renewal.
Here are the seven things to have ready, and why each one matters.
Workers' comp is priced on payroll, and each state has its own rates. So one big payroll total is not enough. What counts is your payroll in each state, split by the type of work your people do (more on that in #4).
This shows the claims you had. It is one of the biggest things that sets your price. Your loss runs are your records, and you can ask your workers' comp carrier for them directly.
Five years of payroll shows how your company has grown. It helps your claims history make sense. More trucks and more payroll usually means more claims, and that is normal.
This is the summary page at the front of your policy. It shows your job codes, also called class codes, and your safety score, called the e-mod. Each job code has its own price, so the right codes mean you pay for the work your people do. Your e-mod compares your claims to other companies like yours. A lower score usually means a lower price.
If you use 1099 drivers, know how many you have and make sure each one has their own insurance certificate. A driver with no coverage of their own can be counted as your employee at audit, and that can mean a surprise bill.
What you offer now is your starting point. It shows if there is room to do more for your drivers.
Many owners skip this one. But it is often the most useful. It shows what needs fixing, not just what needs a price.
If you renew January 1, your 90-day window is already open.
Knowing what to gather is the first step. Getting it done is the hard part. Our free printable worksheet helps you:
You know your business. We know the market. We review your current setup, see what is available and compare your options side by side. If a change does not make sense, we will tell you that too.
Don't have everything? That's OK. You can start with no papers. It takes about 5 minutes, and we help you find the rest. There is no cost to your business. Here is how we get paid.
Start With a No-Cost Review of Your Current Setup or call (865) 876-7928.
Related reading: Your Renewal Date Is Your Best Time to Look and, if you renew January 1, Two Big Bills in January.