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Eight ways to speed up your Pinnacol applications

September 13, 2021
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Being thoughtful about what you put into your body is one of the best ways to develop a strong, fit body. Why wouldn't it be the same for workers' compensation quotes? The following tips will help you put the right information into a workers' comp application, so you get the best quote possible for your client, and fast.

1. Check the name of the company

This may seem obvious, but we need to know the complete name of the business — as it was registered, including trade names. This allows us to locate the business on the Colorado Secretary of State's website before we prepare the workers' compensation quote.

2. Clarify owner coverage

Whether an owner is included in your application can change the policy's premium, which determines who reviews it and how fast we approve it. Make sure you're clear on if the owner should be included, excluded, or reject coverage. Getting it right will save you time on the back end.

3. Share their FEIN numbers

Using a "dummy" number as a placeholder won't do — we need the real deal, or we'll have to follow up, slowing the process. You'll need to provide the company's FEIN (Federal Employer Identification Number). This number helps us find the company's Risk ID through the National Council on Compensation Insurance (NCCI).

4. Include a detailed description of the work

As you might already know, workers' compensation insurance coverage is based on classification codes that determine how risky specific jobs and industries are. When you send us an application, we refer to the NCCI Scopes Manual to identify the three- or four-digit code that corresponds to your client's work, which helps us determine what coverage your client needs. The more accurate, the better. For example, if you enter "handyman" in the description for a client that should be described as a "contractor"— that can delay the estimate. If you're unsure of the class code, give your underwriter a call.

5. Provide accurate payroll information

Along with class codes, payroll is the second factor we use to calculate your client's insurance premiums. Inaccurate payroll can delay an account manager from seeing the policy, or lead to a policy being transferred to the wrong person. So, make sure you're aware of the minimum payrolls your state has set for part-time and full-time employees, in addition to construction minimums.

6. Specify any subcontractors

When the application indicates there are independent contractors and subcontractors, we will need to follow up. But the more information we start with, the faster we can verify it. So, provide as much information as you can. Learn how to distinguish between employees, independent contractors and subcontractors. 

7. List current contact information

We'll need an email address for every individual at the employer who might need access to the policy. Providing contact information for all the contacts on the policy makes it easier to answer questions if they call Pinnacol directly, and allows us to send documents to all of the owners for e-signatures to bind the policy.

8. Only send formal quotes to your client

And finally, please remember to send a quote to your client only after an underwriter has reviewed it. Even if the application is eligible through the Agent Quote system, we still conduct an underwriter review before we send an official quote. Every application, even those that are bound, must go through an underwriting review.

You don't have to do it alone

The paperwork can seem daunting, but remember that we're here to help. After all, we share your goal of getting each workers' compensation insurance application approved as quickly as possible. By working together, we can speed up the process.

If you have any questions, please don't hesitate to reach out to your Pinnacol agency relationship manager or underwriter. They will happily walk you through the application process to ensure we have all the information we need, which helps reduce back and forth and, ultimately, results in a speedier approval process. Just remember: The more complete and accurate the application is, the faster we can approve it.

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