General Workers' Compensation Information
Workers' Compensation Coverage
Workers' Compensation is a no-fault system of compensation in which employees who
are injured at work may obtain payment for lost wages, medical costs, and occupational
rehabilitation expenses without regard to their personal negligence or fault. In
exchange for this no-fault system, employees give up their right to sue their employers
directly for negligence or other damages.
Cancelled or Non-renewed Risks
Please bring it to our attention if a risk has been cancelled
or non-renewed by another company prior to submission. Please provide complete information
regarding the reason for cancellation/non-renewal, the circumstances of the situation,
and measures taken by the applicant to prevent the cancellation/non-renewal.
Workers' Comp Audit Basis
Workers' Compensation premiums and exposures are subject to final
audit. Earned premium for the exposure will be determined at the end of the policy
period.
Waiver of Premium
Additional or return premium account balances of $10.00 or less
will be waived.
Cancellations
Policies will be cancelled and Prorated (without penalties) if
a policy is cancelled for the following reasons:
- At the request of the company
- Nonpayment of premium
- Insured no longer has a financial or insurable interest in the property or business
operation
If a policy is cancelled for any reason other than outlined above, a penalty percentage
of the unearned premium will apply.
Certificates of Insurance
Evidence of insurance can be provided by the producer.
Additional Insured Guidelines
No additonal insured can be added on Workers' Compensation Policies.
Waivers of Subrogation
Waivers of Subrogation are available and should be requested
during the quoting process. The cost is 2% of the earned premium, subject to a $250
minimum premium.
Reinstatement
Considered on case by case basis by the carrier.
NO COVERAGE IS BOUND WITHOUT PRIOR APPROVAL FROM BUILDERS
& TRADESMEN'S INSURANCE SERVICES, INC. & THE CARRIER. BUILDERS & TRADESMEN'S
INSURANCE SERVICES, INC. & THE CARRIER RESERVE THE RIGHT TO DENY ANY REQUEST
FOR REINSTATEMENT.
Payment Information
Considered on case by case basis by the carrier.
Direct Bill Installments are available through the carrier. No Premium Financing
is available.
Features Include:
- 12 equal consecutive monthly installments – AmTrust AutoPay (direct debit) only
- 10% down payment plus 9 equal consecutive monthly installments
- 25% down payment plus 8 equal consecutive monthly installments
- 40% down payment plus 3 quarterly installments
- 50% down payment plus 1 installment
- 50% down payment plus 1 installment
PAYO (Pay-As-You-Owe)
PAYO allows insured’s to pay their workers' comp through an AmTrust approved payroll
company based on what they owe each pay period.
Features Include:
- No deposit or down payment required
- Minimum premium starts as low as $1,000
- Premium payments based on actual payroll
- Improved cash flow
- No checks to write or invoices to pay
- Simplified audit process