If your company has a workers comp/ g liablity and your premium increased tremendously?

If your company has a workers comp/ g liablity and your premium increased tremendously?

Could you just cancel with that company and re write it with another ?? I would like a insurance agents advise. Would the company still bill you for the premium??? I'-m not sure if it works like auto insurance.


Look, you can ALWAYS move your insurance to another company. HOWEVER, if the exposures have increased, not the rate, it's not going to save you any money.If the bill you have, is for LAST YEAR'S policy, you still owe the money, and they can still sue you for it and will win.The biggest difference between personal auto insurance, and gl/wc coverage, is that everyone knows UP FRONT, exactly how many cars you have. With GL and WC, when you go into the policy, you're GUESSING at what your sales/payrolls will be, which means, they audit your policy after it's expired, to find out what the ACTUAL insurance costs were. You do retroactively owe that money, and the current policy, gets changed to reflect the additional exposures, also.If your current agent doesn't explain that to you- if your current agent doesn't advise you to buy insurance based on the RATE instead of the PREMIUM, then they either have no idea what they are doing, or they are being lazy and don't care. Either way, you need to find a NEW AGENT.Underestimating your payrolls or sales, to get a low premium this year, does you a HUGE disservice, as you're finding out, because you WILL be billed, based on the audited numbers - and most likely will be slammed with a massive additional premium, that must be paid in full.If you want an insurance agent's SPECIFIC advice, talk to YOUR insurance agent. You can't buy business insurance without an agent. If you don't trust your agent, that's one more reason, to switch to a new one.


it works like auto insurance. You can cancel your policy at any time and you can get a policy with a competitor at any time.


You could rewrite and then cancel the old policy, in that order. You should not cancel until you are sure that you will be able to rewrite at a lower premium. If you cancel first, you might find that the premium for rewriting with any company is even higher. Also, you would have no coverage from the time that you cancel the old policy to the time that you get the need policy, which would be very risky, and illegal in most states.



Popular Q&A

How does no-fault auto insurance work and what states are no fault?
There are 12 no fault states in the US (DC, FL, HI, KS, KY, Mass, MI, MN, NJ, NY, ND, PA, UT)"No fault insurance" is a general term that is used to describe any auto insurance system that both requires drivers to carry insurance for their own protection, and that places limitations on their...

What is the best way to relocate from one state to another?
Not too hard but requires planning. SO, for auto insurance simply ask for a quote from your current company based on the city you want to live. If they require an address, find an address based on a location you MIGHT want to live. Housing is easy to find on-line and you will have to rent...

Do I have to list all additional drivers for auto insurance in Ontario?
yes you have to list them, because if you don't list all licensed drivers living in the household, and you have an accident, the insurer can deny the claim based on non-disclosure of information. If you don't wish your rates to go up, you could always have an excluded driver endorsement, but...

Does anyone know what insurance companies are covering home-based businesses?
All the companies I represent for commercial insurance do not have a problem with home based businesses per se. It all depends on exactly what service or product you are offering.This type of insurance needs to be done by an independent local agent that specializes in commercial insurance...

What is the cheapest car insurrance to start at?
Keep in mind those under 18 have to be covered by their parents policy. IF the car is paid off then the cheapest coverage would be liability only, if there's a loan then the bank requires you to have full coverage, raising the deductable, perhaps from $500 to $1000 will lower the premium.The...