What Information is Needed for a Workers' Comp Insurance Quote?

a business owner checking documents to get a workers' comp quote
Mordechai Kamenetsky
Last Updated: 
April 4, 2024

For a  workers’ comp insurance quote, insurance companies will need information to understand the risks of your business. First, they ask for general business information. Once they get a clear picture of the basics, they delve into operational details and safety processes.

In this article, we'll explore what you’ll need to provide to insurance companies to get a quote.

General Business Information

At the beginning of the quoting process for insurance, providers are looking to learn the basic details about your business. This is an important stage and takes place before other assessments and questions. 

When it comes to what information is needed for a workers’ comp insurance quote, you’ll see many of the things below are standard for businesses of all types:

Industry and Business Details

Industry and Business Details

One of the most central considerations in the quoting process is which industry your business operates in. Some of the required information will include contact information, legal structure, and business name. 

Whether you own a sole proprietorship, an LLC, or something else, the legal framework you use to operate your business has a huge part in determining coverage needs. 

Ownership Structure

Ownership Structure

The specific ownership structure is another thing that comes up under what information is needed for a workers’ comp insurance quote

Insurance companies will want to consider the full structure of the business ownership. This gives them insight into who the stakeholders are and what ownership percentage they fall under. 

Employee Data

Employee Data

Employees are the heart of any business, and insurance companies are aware of how important they are to business risk. Providing detailed data on employees is important to get an accurate quote. 

Insurance companies will look at how many W2 employers there are and what the payroll figures look like, which is used to assess any liability associated with covering your workers. They also want to know if you have employees that are paid as 1099s.

Subcontractor Information

Subcontractor Information

Finally, insurance companies are going to initially ask about subcontractors. They have a major role in adding value to operational capabilities. However, if you use subcontractors, this creates more complexity, and insurance companies need to be aware of it. 

They will want comprehensive information about these contractors, including their insurance status and costs. Whether they are insured or not, this can have an impact on your risk profile, creating the need for more evaluation during the quoting process.

Operational Details

After getting the initial information about your business, insurance companies want to know more. They want to understand the likelihood of employees getting hurt so they look for additional details that play a part in your risk profile.

This part of the process goes beyond the initial stage and looks at more unique aspects that define the operations of your company. Two primary components are part of this stage of exploration.

Workers’ Comp History

Workers’ Comp History

One of the most critical parts of this process is learning more about your business’s workers’ compensation history. Insurance companies want to see how coverage has changed in the past, looking at key milestones and other points that relate to your risk profile. 

A question that will be asked at this point is how long your business operations have had workers’ compensation coverage. They will then look over your coverage status for the last three years to get information about compliance and continuity with regulatory requirements. 

Having lapses in coverage is going to be noticed and considered as it shows there might be gaps in your risk management strategies. To get a full understanding of your claims history and any associated risks, the insurance company might ask for loss runs, which detail past claims and how they have impacted your finances. 

Operational Details

Operational Details

Along with needing information about your coverage and claims, insurance companies will also want to know about your daily operations. Tailored inquiries, designed to match the industry you are in, will provide data about risks that might be associated with your business operations. 

As an example, let’s say you own a company that provides painting services. The insurance company will want to know more about your projects, such as how often they are indoor vs. outdoor.

However, the questions can go beyond these basic ones. They might ask about things like the equipment you use and what is the maximum height of your projects. Whether you use scissor lifts, stilts, or scaffolding, each of these items has its own risk factors that need to be considered. 

Another thing that is looked at is travel out of state since this can amplify risk exposure. For instance, overnight stays require extra consideration as they have complexities that are associated with insurance coverage. 

Looking at your travel patterns helps insurance companies understand your operations and what kind of projection you need in different situations.

Safety Processes

As businesses move into the final stages of getting insurance, this is mostly going to focus on risk management and safety. It looks at the commitment of a business to minimizing liabilities and keeping the workforce safe.

 At this point, insurance companies want to examine risk mitigation strategies and safety protocols within your operations.

The goal of this part of the process is to find out how dedicated you are to creating a safe environment for work. Insurance companies will dig into your safety initiatives to see what you’re doing to keep workers safe and secure. 

From implementing training programs and safety procedures to choosing safety employees, every aspect is going to be considered. 

For businesses that operate in hazardous environments, there are also unique safety protocols that are tied to the industry’s special challenges. 

Insurance companies will look at the requirements for an industry and use those as benchmarks to see what the level of risk exposure is and determine appropriate coverage for a certain business within an industry.

Final thoughts on what information is needed for a Workers’ Comp Insurance Quote

There are a lot of pieces involved in securing an accurate workers’ comp insurance quote. 

Businesses often need to go through several layers of questions and stand up to scrutiny about various topics. From providing general information to going into operational specifics and safety protocols, getting comprehensive coverage requires a huge amount of attention to detail.

Throughout the process, knowing what information is needed for a workers’ comp insurance quote can be useful. You can be sure you have the information the insurance company needs to move forward as they work with you to avoid risks in the workplace.

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Securing the right workers' compensation insurance is a critical step in protecting your business and its employees. The expert team at Kickstand is ready to guide you through the process, ensuring you have all the necessary information to obtain a quote that aligns with your risk profile and operational demands. 

Don't navigate this complex landscape alone; let Kickstand Insurance be your ally in securing the coverage you need. Start an instant quote today or contact us at 886-338-8823 to get started on a path to comprehensive protection and peace of mind.

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Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.

Mordechai Kamenetsky

Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.

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Workers' compensation insurance is a crucial part of protecting your business. If an employee is injured while on the job, workers' comp will help to cover their medical expenses and lost wages. It can also provide financial protection for you as an employer. If you are wondering “how do I get workers' comp insurance?” or “what are the most common causes of workers' compensation claims?” we’re here to help!

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