How to Find Workman's Comp Insurance

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You might need workman's comp insurance if you're entering into a new contract or starting a new business. Find workman's comp insurance with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Information
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Video Transcript

Hi, this is David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. We're going to talk about how you find worker's compensation insurance. Worker's compensation insurance is something you might be looking for if you're entering into a new contract or starting a new business. Worker's compensation insurance typically can't be found like you would find your normal personal lines policy like an auto or homeowner's policy. You usually have to go through a commercial insurance broker like myself. However, you can find it by going through the yellow pages and finding a commercial insurance agent, looking on line or even better, ask someone you trust if they know a commercial insurance broker. When you do contact that insurance broker they're going to be looking for a couple key things. Number one they're going to want to know where your business is located and where your employees are located. So if you're based out of California and Texas and you have employees in 16 states, be prepared to offer addresses for each of those employees. If they're in the same state, you probably don't need addresses for every employee. Number two, you're going to need to know payroll and what you're looking for is the payroll over a 12 month period of time, not a calendar year, the actual effective dates that you need. So if your policy starts in June and it ends in June, you're going to need to provide the payroll for that period of time. Finally, you're going to want to offer the officer information for your company. Your broker is going to need to know who owns what portion of the company and who is listed as an officer or director of the company. It may sound funny but in some states you can actually exclude yourself as an officer or director, but check with your agent, they'll help you out. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance and we've just talked about worker's compensation insurance.

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