Blog

Work Comp Quote 101

March 9, 2022 • Previsor Insurance

Getting a workers compensation quote can be intimidating. But it doesn’t have to be.  

Watch this video as Mindi Markt, an MEM underwriter, explains what you need to know and how that information is used when determining work comp premium 

Start by asking 

  • Who is being insured? 
  • What type of business is it? 
  • Where will the business be working? 
  • What is the business doing to keep the employees safe? 

Valuable information 

Once you understand the basics of their business, make sure you have this information: 

  • Basic contact information 
  • Business name 
  • Tax ID number 
  • Payroll estimates by class code 
  • Description of operations 
  • Loss history 

Having this information will ensure you have everything you need to fill out the application on our online portal. 

How is a quote calculated? 

Quotes are priced using several different criteria.  

  • Classification code – What sort of safety risk is involved with this type of business? 
  • Individual data – How has this business performed in the past? 
  • Industry performance at MEM – Is this industry part of MEM’s current appetite? 

We know you may still have questions along the way. We are here to help.  

At MEM, every policy has a dedicated underwriter ready to help answer any other questions you may have along the way. Contact us at 1.800.442.0593 and we will be happy to connect you with your underwriter. 

Are you a business owner looking for work comp coverage? Use our Find an Agent tool or learn more about how to choose a work comp insurance carrier. 

Date
March 9, 2022
Author
Previsor Insurance
Categories
Share this article