Help! insurance company dropped me

Discussion in 'Business Operations' started by qlchustler, Jul 31, 2010.

  1. qlchustler

    qlchustler LawnSite Member
    from georgia
    Messages: 44

    I have had workers comp. for 6 years now with 2 different companies, I have an insurance broker who gets quotes for me. In Oct. 09 one of my employees had a bad accident and had to have surgery on his shoulder, which made a large claim against insurance. I got a letter last week that my insurance company will not renew my policy when it comes due. WHAT DO I DO NEXT. HAVE ANY OF YOU HAD THIS HAPPEN TO YOU.
  2. DuraCutter

    DuraCutter LawnSite Senior Member
    Messages: 806

    You may have to hire temp workers, these workers come all paid up including workers comp. Of course, you'll have to make sure your prices are high enough to make a profit using this type of labor.

    Sadly enough, sometimes insurance will give you only one chance.

    Also, change insurance broker and try someone else...

    Good luck
  3. qlchustler

    qlchustler LawnSite Member
    from georgia
    Messages: 44

    thanks for the advice, no one else has had this happen? Will I be put in a high risk category?
  4. procut

    procut LawnSite Bronze Member
    Messages: 1,852

    Just get a hold of a differant insurance co.
  5. Will P.C.

    Will P.C. LawnSite Senior Member
    Messages: 966

    Calm down, plenty of companies wanting business and would be glad to take you on. You may get charged a little more, but it probably will not be much
  6. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    Relax this is a given most claims against comp insurance will result in a drop, your agent and or broker will line something up before their is a lapse in coverage. You can call your agent and tell them about your dear john letter but they might already know. You will be paying a higher rate but their is always insurance available for you from someone as long as you can afford it
  7. AI Inc

    AI Inc LawnSite Fanatic
    Messages: 26,434

    Most states have a program to provide WC to contractors who cannot purchase it on the open market, look into it.
  8. AI Inc

    AI Inc LawnSite Fanatic
    Messages: 26,434

    If my company cannot get workers' comp coverage from a private insurer, where do I go?

    Every state has a mechanism for providing workers' comp insurance for companies that can't get it elsewhere. In most areas, it comes in the form of an "assigned risk pool" that acts as the workers' comp insurer of last resort.

    If you use the assigned risk pool, you must apply for coverage with the state agency that administers workers' comp. Applications are then assigned to an insurance company that agrees to do business with the assigned risk pool.

    You do not want to be in the assigned risk pool if you can avoid it. Assigned risk plans almost always cost more than private insurance, and you will probably receive poorer service and less attention.
  9. cgaengineer

    cgaengineer LawnSite Fanatic
    Messages: 15,777

    I hate insurance companies for this reason.
    Posted via Mobile Device

    BJWLAWNCARE LawnSite Senior Member
    Messages: 558

    state farm dropped me for a slip and fall in 08. Which never happened but it turned out to be the best thing to happen to me. I got more coverage and saved 800 bucks. I used state farm because I was with them since I was living at home and I also did plowing for them. I use Penn National now. I also saved 325 on homeowners and 375 on my personal vehicles.

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