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How Do I Get a Workers’ Compensation Insurance Premium Quote?

May 31, 2022 9:30:00 AM / by Bret Asmussen posted in small business payroll, small business operations, how to

What does workers’ compensation insurance have in common with car insurance? Since most states require small businesses to have workers’ compensation insurance (just like car insurance), there are also similarities in finding quotes - meaning you’re generally looking for the lowest price. 

If you’re looking for workers’ compensation insurance, it might be your first time, and you’re confused about how to get started or nervous about what it might cost - or you already have it, but you’re unhappy with the cost or processes of your current carrier.

CSI Accounting & Payroll has been working with small businesses for over 50 years, so we know how many owners feel when they’re looking for workers’ compensation insurance. Our insurance partner takes the weight off your shoulders by finding you the best quote from a range of carriers.

Other small business owners whom we talked to wanted to know:

  • How do I get a quote?
  • What details do I need to provide to get a quote?
  • How do I get matched with the best quote for me?

Internet search bar searching for workers’ compensation insurance quote

How to Get a Workers’ Compensation Insurance Quote

There are different places where you can look into getting workers’ compensation insurance. If you work with a payroll service, they may partner with a workers’ compensation insurance provider like CSI Accounting & Payroll does.

During your onboarding meetings at CSI, we review your business’s situation (especially if you also use our accounting service, which is advice-based). It’s at this time that workers’ compensation insurance would likely come up, although you can bring it up with your contact at any time.

At CSI, you have a dedicated payroll specialist who is your main point of contact. You’re able to contact them directly on their phone line or email at no additional cost to you. If you decide that you’re ready to discuss or sign up for workers’ compensation insurance, it’s easy to get in touch!

Don’t forget to ask us about “pay as you go” workers’ compensation, which is a relatively new option that collects the exact premiums owed each payroll. 

This means annual workers' compensation insurance audits generally don’t involve you as the employer, and you don’t need to adjust payments for overestimating or underestimating annual wages paid.

After you let us know that you’re interested in getting a quote for workers’ compensation insurance, we’ll pass on your contact information to our workers’ compensation insurance partner. They’ll be in touch with you shortly to request the rest of the information they need to get you a quote.

What Details You Need to Provide to Get a Quote

CSI’s workers’ compensation insurance partner will generally ask you for the following details to get you a quote:

  • Business name
  • FEIN
  • Address
  • Ownership
  • Estimated payroll
  • Years in business
  • Detailed Business description
  • If employees work from home
  • Safety program
  • Website address

Additional questions may be asked, depending on the business type. 

How You Get Matched with a Quote

After you provide the details above, you will be matched with the best quote for your business depending on the following details:

  • Price. You will only be shown the lowest quote from a carrier that your business is eligible for.
  • Your business type. Some carriers only write for certain business types.
  • Ease of use. Some carriers are easier to work with in terms of doing endorsements, audits, and reinstatements, and our partner tries to place clients with them the most often.

Get Your Best Quote From Your Payroll Service

Whether it’s your first time looking for workers’ compensation insurance or you need a new carrier, you’re generally looking for the lowest price. It can be nerve-wracking and confusing to find a good deal!

Now that you’ve figured out how to get started, what details you need to provide, and how you get matched with the best quote, you’re ready for the next step.

Let’s discuss how our payroll service can assist you with getting workers’ compensation insurance! Click the button below for a free consultation.

MEET WITH AN ADVISOR

If you’re not ready to make that jump, be sure you know what a payroll service costs first.

Bret Asmussen

Written by Bret Asmussen

Bret began working at CSI in 2007. Over the years, he worked his way up from an entry-level marketing position to his current role of manager of our payroll service. Bret is largely responsible for the growth of our payroll division over the last several years. His previous experience and knowledge in sales and management are exemplified in his success here. Bret has a college degree in Computer Networking, a skill that certainly comes in handy in an office environment. Bret is also a Certified Payroll Professional (CPP). Fun Fact: As an active duty member of the United States Marine Corps, he served in Operation Desert Shield and Desert Storm.

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