No POOL for you! The Assigned Risk Pool was established by each state to make sure employers could obtain workers compensation insurance even if standard market insurance companies were not willing to provide coverage for their business. Assigned Risk Pool rates are HIGHER than those for the same classification codes in the standard market. Assigned Risk Pool Plans are generally the market of last resort. You DO NOT want to be in THIS pool! You will pay more just to dip your toes here.
You’ll find that somewhere around 10% of all insured employers found within NCCI governed states are swimming in the pool! A significant number of insureds!
Why are you in the “Pool”?
Possibly you are a high-risk industry such as oil drilling operations or roofing;
Maybe because you have significant past work comp losses and are no longer acceptable to insurers who operate in the standard market place;
Or you are a new business and not considered acceptable in the standard market and are thus forced to secure workers comp coverage through the Assigned Risk Pool.
Sadly, we also find sometimes employers are in the “Pool” because their broker doesn’t have access to standard markets for them, or didn’t move them out once they were no longer considered a new business.
We have GREAT work comp carriers who LOVE to insure high risk markets. Let us hand you a virtual towel and get you out of the “Pool”! Call ANI 907-562-3020.