Assigned Risk Workers’ Compensation

Workers’ Compensation Application

Is your company’s workers compensation coverage written in the Virginia Assigned Risk program? If so, you’re paying too much and getting limited coverage.

First Choice Insurance Agency has been helping businesses move out of Assigned Risk and into standard workers compensation policies for over 20 years. In doing so, we’ve saved our clients thousands of dollars while increasing their coverage. We would like to do the same for you, please read below to learn more about Assigned Risk policies and how we can help.

What are the disadvantages of being in the Assigned Risk Program?

  • Highest Insurance Rates
  • Coverage Restrictions
  • Poor Payment Terms
  • Additional Surcharges

Possible reasons why your policy is in the Assigned Risk Pool.

  • Limited Markets to Current Agent
  • Poor Claims History
  • Hazardous Industry
  • New Business
  • Multiple State Exposure

How can First Choice Insurance Agency help?

  • Access to multiple insurance carriers all across America.
  • We know how to “market” your account to underwriters by emphasizing the positive aspects of your business.
  • Provide your company with a Safety Plan and Customized Safety Manual. Underwriters want to know that your company takes
    safety seriously.
  • Make sure your employees are properly classified. There are thousands of classifications, the wrong classification could not only make you ineligible but could also cost your company a great deal of excess premium.

How do you know if your policy is written in the Assigned Risk plan?

  • You may not realize you are in the Assigned Risk Program as your current policy will be issued and serviced by a standard insurance company such as The Hartford, Travelers, Guard, etc.
  • It may be hard to find but there should be an endorsement on your policy titled Residual Market Limit Other States Endorsement.
  • There maybe other pages included with your policy that announce coverage is written in the Virginia Assigned Risk program.
    Ask your current agent.

Can your current agent get you out of Assigned Risk?

  • Your current agent may not represent or have access to insurance carriers that want to write your type of business.
  • Your current agent may be bound by contract not to go to other insurance carriers.
  • Your current agent may not have the expertise to “package and sell” your account to a new insurance underwriter.

Can First Choice Insurance Agency write the other lines of business insurance?

  • We are more than happy to do so, but this is not a prerequisite for us to write your workers compensation coverage.

Can First Choice Insurance guarantee that we can place coverage with a standard carrier?

  • Nobody can make that guarantee; some businesses are just destined for Assigned Risk. But if we cannot, it’s a pretty good bet that nobody can.

How do you get started?

  • Download and complete the attached application.
  • Call us to answer your questions.