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.

mbrcatz

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.

Ghost

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.

StephenWeinstein

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.

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