Lapsed and new business workers compensation coverage can be tough to secure when you do not have the right support. A lot of underwriters are afraid to write a policy when they are just starting out because they do not have much to base their opinion of your company on. It can also be difficult when you do not have an established credit rating with Dunn and Bradstreet to help you get the coverage that you need. Fortunately, Account First specializes in high-risk cases that are tough to place.
When Policies Lapse
It can be very difficult for a new company to secure the necessary workers compensation coverage and, in some cases, can be twice as hard for you to get coverage when you have had a policy lapse in coverage. A lapsed policy can send the wrong signals to the insurance carrier and it can:
- Cost more for coverage
- Put caveats on the policy
- Make it difficult to negotiate for better rates
If you have had a lapse in coverage it will likely cost you more initially, but that is only part of the problem. You may have to fill out more paperwork, answer more questions and deal with some stipulations that you don’t have time for.
There is Help
There are some firms that feel you should not be punished because you are a new business, they also feel that sometimes lapses occur. Account First specializes in finding affordable solutions for new businesses or ones that have lapsed in their coverage. If you are in either situation, contact Account First to receive the policy coverage that you need to do business.