Assigned Risk Workers’ Compensation Insurance Alternatives

Solutions to protect your clients’ businesses & employees

Are you an insurance agent seeking alternatives to traditional assigned risk workers’ compensation insurance for your business clients? We understand that assigned risk plans can be expensive and offer limited coverage, which is why we offer a range of alternative solutions to protect your clients’ businesses and employees. If you’re having trouble obtaining workers’ compensation coverage for your clients, there are alternative options to consider. Our team of expert brokers has extensive experience in the industry and can assist you in finding a solution that fits your client’s needs. Why might workers’ comp coverage be hard to obtain in the first place? There are a few reasons why traditional carriers may be hesitant to provide coverage:

Assigned Risk Workers’ Compensation Insurance Alternatives
Construction

Why Carriers Deny Coverage

High Risk Industries

Some industries, such as construction and manufacturing, tend to have a higher number of workplace injuries. As a result, carriers may be more hesitant to provide coverage or may charge higher premiums.

Pre-Existing Injuries

If an employee has a pre-existing injury, they may be more likely to file a workers’ compensation claim. This can make it more difficult for businesses to secure coverage or lead to higher premiums.

Poor Loss History

If a business has a history of frequent workers’ compensation claims, carriers may view it as a high-risk and charge higher premiums or deny coverage altogether.
Why Assigned Risk Isn’t the Best Solution for High-Risk Businesses

Pros and Cons of Assigned Risk Workers Comp Insurance Plans

If you’re considering an assigned risk plan for your clients, it’s important to weigh the pros and cons carefully. Contact us today to schedule a consultation.

Pros:

  • Guaranteed coverage: Assigned risk plans are required to accept any business that applies for coverage, regardless of the industry or loss history. This means that even if you have trouble securing coverage elsewhere, you’ll be able to obtain workers’ compensation insurance through an assigned risk plan.

  • State-mandated coverage: In most states, businesses are required to have workers’ compensation insurance. Assigned risk plans can help you meet this requirement if you’re unable to secure coverage through traditional carriers.

Cons:

  • High premiums: Because assigned risk plans accept businesses that may be viewed as high risk, premiums tend to be higher compared to traditional carriers.

  • Limited coverage: Assigned risk plans may have lower coverage limits and fewer options for customization compared to traditional carriers. This can leave your clients’ businesses vulnerable in the event of a large or costly claim.

  • Limited carriers: Assigned risk plans may only be offered by a few carriers, which can limit your options and make it harder to find the best fit for your clients.

  • Annual audits: With an assigned risk plan, you’re required to complete a year-end audit — our products are all pay-as-you-go with no audits.

Ready to find out more? Getting started with PEO Insurance Brokers Network is easy.

01.

Fill out the form below.

02.

A representative will reach out to you.

03.

Set up coverage for your insured.

Warehouse Industry – Forklift Accidents

Find Workers’ Compensation Coverage for Your High-Risk Insured

Your insured’s industry, Ex-Mod, claims history, or previous coverage problems should not automatically prevent you from finding a solution.

PEO Insurance Brokers Network helps agents navigate difficult workers’ compensation placements across construction, transportation, healthcare, staffing, roofing, tree service, manufacturing, warehousing, recycling, logging, cannabis, security, USL&H, and other high-risk industries.

Explore the industry-specific pages above to learn more about available solutions, or contact PEO Insurance Brokers Network to begin finding the right PEO or workers’ compensation program for your insured.