Classification Determination Assistance

What Class Code Should You Use?

The simple answer, the 'correct' one. But what that code is, may not be as simple to identify. Utilizing the wrong code may result in final premium audit adjustments, additional premium, and even cancellations. However, classification errors will result in experience modification promulgation errors, where payroll and losses are used to calculate the MOD. This is a good example of how a simple error can affect your entire company's bottom-line.

When a classification discrepancy is identified by the carrier, they will make the corrective adjustment immediately. If additional premium is due, the insured will have 10 days to pay, or the policy will be cancelled. Classification errors are usually identified during the renewal process, by an adjuster after a claim, or during the final premium audit. In most states, the insurance carrier can apply the adjustment retroactively, and up to three-years.

A Solution with Benefits

We partner with our clients to provide accurate classification determinations, carrier approvals, and policy endorsements to keep your staffing company operating smoothly.

Our clients submit 'Class Code Request' via a web-portal and in return received a documented determination, carrier approval, rate, and underwriting comments.

Each request is reviewed for accuracy and processed within minutes. Most requests are satisfied within a couple of hours.

  • Reduce Misclassifications
  • Obtain Final Premium Audit - Classification Documentation
  • Understand Costs
  • Provide Competitive Pricing Within Profit Margins
  • Understand Exposures
  • Keep Your Employees Safe
  • Reduce Final Premium Audit Adjustments
  • Increase Experience Modification Promulgation Accuracy
  • Build Carrier & Underwriter Confidence
  • Useful for Projections, Budgeting, and Sales Forecasting

Class Code Requests

1

Rate & Endorse Request

A Rate & Endorse request can be submitted to initiate the determination, carrier approval, and policy endorsement process. These are the most common types of requests and are made when the staffing company has met with the prospect or client and obtained a signed agreement pending insurance approval.

"Our Goal is 100% Accuracy

Documentation includes the client, job-site, placement, classification, rating, and underwriter comments.

Rate-Only Request

A Rate Only determination can obtained prior to meeting with a prospect or client to better understand the potential exposures, class codes, and rates based on limited information. Policies are not automatically endorsed, allowing for endorsement requests to be completed at a later time.

"Don't walk into that prospect meeting without knowing what the prospects codes are

Based on submitting limited prospect, job-site, and placement information we can provide a classification indication as well as a carrier approval odds. Why waste time chasing a prospect you can't work with?

2

Class Code Request Portal

Rate Only and Rate & Endorse requests are submitted via our Staffing Client Service Portal, processed, and returned in 24 hours or less. In most cases, determinations and underwriter approval are documented and returned within just a few hours.

The system can even send your prospect or client a certificate of insurance, with or without endorsements, at your request.

Contact Us

Schedule a Live WebEx Demo today for you and your team!