PEOs + REX
REX can find coverage for more than just your typical risk. We have a dedicated AM Best "A" rated PEO that specializes in accounts with premiums over $75,000 with experience mods greater than 1.0.
The best risks for this program are insureds who have no option other than the state insurance fund. Insured's can save an amount equal to 2%-10% (sometimes more) of their annual gross payroll. For example, if the insured's annual payroll is $1,000,000, their savings could be between $20,000 and $100,000 for the year. This program has low start up costs for the insured--approximately $1,000 policy fee plus a nominal broker fee to initiate the pay-as-you-go payment plan. The policy and broker fee is substantially lower than the policy deposit of most traditional workers' compensation programs. This benefits clients faced with otherwise large deposits by offering lower out-of-pocket expenditures.
What type of accounts? We have a dedicated PEO specializing in large, high debit mod accounts in a select number of states. Examples of ideal risks include: heavy construction, manufacturing, food processing/bakeries, janitorial, trucking, and staffing. Exclusions for this program include: towing, USL&H, hazardous material handling, greater than 25% part time labor, and armed guards.
This market can quote accounts with difficult-to-place attributes:
▪ Experience mods greater than 1.0
▪ Cancelled/non-renewed accounts
▪ Accounts with poor loss history
▪ Gaps in coverage
Which states? Our market will quote accounts in the following states:
AL, AZ, CA, CO, FL, GA, IL, LA, MD, MS, NV, NJ, NM, NY, NC, OK, PA, TN, TX, VA.
What we need.
▪ Completed ACORD 130 (must include employee count per class code)
▪ Loss runs for past 3 years
▪ Experience mod worksheet (if available)
▪ Target premium
▪ Explanation of any losses above $25,000
▪ Must have a minimum of 15 full-time employees in the highest rated governing code.
▪ Minimum wage for employee must be $26,000.