St. Petersburg, Florida (PRBuzz.com) February 5, 2013 -- Workers compensation underwriting technique requires careful consideration by the underwriter in determining the pricing of workers compensation insurance. An underwriter needs to contemplate on more than a dozen factors before creating a premium base and the exposure. When it comes to worker's compensation insurance the cover is dependent on more than one risk factor. In this, workers compensation insurance differs from any other kind of insurance. The whole idea of taking an insurance cover is to share the risk of unforeseen financial loss. Wider the group over which this risk is shared, the less the risk and therefore less are the loss. In insurance underwriting an underwriter assess factors such as how much coverage the client would receive, how much they need to pay for that coverage (that is, the premium) and whether to accept the risk and insure them also or not. Underwriting involves assessing the risk exposure of a client and fixing a premium to cover that risk. Every company has its own set of guidelines to assist the underwriter in deciding whether or not the insurer company should take the risk.
Workers compensation underwriting technique refers to assessing the risk for the purpose of pricing workers compensation insurance premium. During a particular year of policy, the company operation may grow and diversify. The change can be significant enough to increase or decrease the cost of worker's compensation insurance. Therefore the scope of operations related to employee work should be preempted to avoid surprise in audits. Some of the basic requirements are corporate information and demographics, accord 130, loss history for past five years, payroll history for the last five years etc.
Underwriters at National Risk Service offer assistance in gathering these details for companies. Assimilating all the financial information is a lengthy and time consuming task that requires an intelligent effort. Underwriters from National Risk Services are qualified for this purpose and specialize in Workers compensation underwriting technique. They do a deep analysis to determine the capabilities of the firm and maintain expertise in workers compensation insurance program and on-going support to clients.
National Risk Services has more than 25 years of experience in workers compensation insurance and premium recovery. Their workers compensation underwriting technique is accepted to be comprehensive and fair in the whole industry. They estimate that 90% of their clients have overpayment in the premium due to errors on workers compensation insurance. They have been in existence for the last 24 years, assessing the compensation insurance needs of clients. They have returned a mind boggling $58 million in premium recovery to their clients. While the premium recovery services from National Risk Service may help clients recover some of the over payments, a judicious workers compensation underwriting technique will avoid such errors in the first place.
They employ advanced workers compensation underwriting technique, National Risk Services is dedicated to lowest cost and highest value production using tools such as Virtual Risk Manage and State of the Art. The company provides auditing and underwriting services throughout the Southeast of United States. Their auditors are strategically spread in all of the nine states, so they are able to service those clients who are working within a slim time line. Their brokers bear average fifteen years of experience in the domain. Most of all, National Risk Service has the ability to electronically transfer all auditing and inspection information and ask clients to pay only for the actual time spent on the audit or inspection. To know how their workers compensation underwriting technique can save you time and money, or to get an estimate of how much overpayment recovery is due, get in touch with one of their brokers today using the contact information below. You could also fill up the contact form on their website http://www.nationalrisk.com and someone will call you shortly to fix an appointment.
Contact Information:
Company Address:
National Risk Service
11 Harristown Rd.,
Ste. 105, Glen Rock, NJ
Phone:
(201) 689-4040
Website:
http://www.nationalrisk.com/
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