Watch this video as Mindi Markt, an MEM underwriter, explains what you need to know and how that information is used when determining work comp premium.  

Start by asking 

• Who is being insured? 
• What type of business is it? 
• Where will the business be working? 
• What is the business doing to keep the employees safe? 

Valuable information 

Once you understand the basics of their business, make sure you have this information: 

• Basic contact information 
• Business name 
• Tax ID number 
• Payroll estimates by class code 
• Description of operations 
• Loss history 

Having this information will ensure you have everything you need to fill out the application on our online portal. 

How is a quote calculated? 

Quotes are priced using several different criteria.  

• Classification code – What sort of safety risk is involved with this type of business? 
• Individual data – How has this business performed in the past? 
• Industry performance at MEM – Is this industry part of MEM’s current appetite? 

We know you may still have questions along the way. We are here to help.  

At MEM, every policy has a dedicated underwriter ready to help answer any other questions you may have along the way. Contact us at 1.800.442.0593 and we will be happy to connect you with your underwriter. 

Are you a business owner looking for work comp coverage? Use our Find an Agent tool or learn more about how to choose a work comp insurance carrier. 

The post Work Comp Quote 101 appeared first on MEM.

Watch as our Premium Consultation Manager Chonna Patterson, explains how to select the right class code when submitting business.  

Technology allows you to better understand what a business does. Viewing a business’s Facebook page, social media accounts or website will help you know what questions to ask and enables you to classify the business more accurately.  

There are a few class codes that can be a little tricky to write.  

5606 – Executive Supervisor 

There must be a layer of supervision between the person identified as the Executive Supervisor (5606) and the person doing the labor.  

5437 – Trim Carpentry 

Reserved for only contractors performing trim or cabinet installation specifically. If any other carpentry work takes place on the job site, then it does not qualify as a code 5437. 

Standard exception codes

8810 – Clerical 

8742 – Outside Sales 

Employees classified as these class codes must only be doing tasks associated with these codes. If they have any other responsibilities or tasks, it will exclude them from the 8810 or 8742 class codes.  

Need more information?

NCCI provides an online option to search class codes with a thorough description. For more, check out Protect Your Business by Properly Classifying Employees.

You can also contact Missouri Employers Mutual with additional questions.

The post Challenging Class Codes: Classify a Business with Confidence appeared first on MEM.