Do the commissions justify the paper work? How to get more reward from your hard-to-place work comp clients.
Sometimes we all need to know when to cut our losses and move on. However, that’s easier said than done. As a work comp insurance agent, you occasionally deal with people who own or operate companies, with employees, with losses (shock losses), and sometimes choose to perform risks that normal underwriters just won’t even return your calls or emails on.
So, what do you do? You’re stuck, right? Wrong! If you’re a savvy insurance agent, then you know there’s always a way via your state insurance fund. Now I’m going to wager if you know about the state insurance fund, then you know you can also refer to it as a ton of paperwork.
The state fund requires you to get the answers to a million and one questions and after all the questions are answered they then come back to you with a huge inflated premium amount that your client either has to pay or risk going out of business, by losing business due to lack of proper work comp coverage. This on some levels is almost as close as you can get to feeling what its like working a deal with the mob.
Now, if you’ve been persistent or lucky enough to reach the point where your client can afford to pay the over inflated premium and you still have all your hair. You can then look forward to receiving a nice commission from the aforementioned premium. After all, you did all the wok and got the deal done. Right, wrong again!
The agents placing their high-risk clients with the state are lucky to see three percent in commissions for all their hard work.
Let’s put that into perspective. At 3%, a $30k premium would only net you $900. And if you must split that with your agency then you can do that math.
Simple Work Comp is an alternative wholesale broker that provides professional work comp quote services to agents and brokers across the country.
We help agents keep their clients out of the state fund by trying to secure the best rates. On average our agents can save their clients as much as 40% off of premium and still could earn more in commissions than if they had placed their client with the overpriced state fund.
Avoiding all the work and sparing their clients the proverbial hoops and hurdle jumping.
Simple Work Comp makes it easy for insurance agents to submit their risks and get answers on available work comp coverages for their clients.
If you’re an agent and have clients that are in the state fund or are unquotable for whatever reason, contact us for assistance.
Thousands of insurance agents have trusted us to help them secure standard and alternative pay-as-you-go workers’ compensation insurance solutions for over twenty years.
Overpriced state fund options with low low low commission percentages doesn’t have to be the norm and can be a thing of the past. Contact us today for a simple solution to your state fund woes.Share