Alternatives To Workers Comp Insurance Companies
Business owners who cannot find workers compensation insurance from a private carrier typically have a couple of choices, depending on their state. The first is the state-run fund, an organization often run by the states commerce or labor department that provides workers comp to businesses in high-risk industries or with large losses.
Business owners who cannot find coverage in the private market or the state fund can usually turn to an assigned risk plan. This is sometimes called a market of last resort. In monopolistic states, Ohio, North Dakota, Wyoming, and Washington, employers are required to use the state insurance fund to ensure that all coverage meets state labor requirements.
What Does It Mean When People Say Workers’ Comp Is An Auditable Policy
When first purchasing a workers comp policy, the premium is based on the estimated payroll over the period the policy will cover. To ensure the policyholder is paying the correct premium, a premium audit or payroll audit is conducted after the policy period has ended. This audit can result in the policyholder needing to pay more or less for the policyif theres a difference between the actual and estimated premium. The insurer will reach out to the policyholder to conduct the audit and may ask about the duties of different team members or request payroll documents.
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Pie Insurance Review 2022
Pie insurance is a small business insurance company, mostly focusing on workers compensation, although they have other types of business insurance as well. Pie is part of a digital revolution in the small business insurance field. Companies such as Pie seek to make the entire process of buying business insurance faster, easier and completely online.
Pie launched in 2018, covering just four states . Now, theyre available in 34 states just two years later, and they have plans to expand to the remaining states.
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Easy Pleasant Fast & Fair
Nacy responded to my reply to her audit notice in short order. Her communication throughout the who audit process was excellent. I had some special situations and she understood them and told me exactly what she needed. She was very cordial and made the whole audit process easy, pleasant, fast, and fair.
Reply from Pie Insurance
Hi Paul, we’re so thrilled to hear we were able to make your audit experience as easy as pie! We’re grateful to have you as a customer and will be sure to pass your kind words on to Nacy.
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Pie Raises A $118 Million Series C Round Of Funding
Pie Insurance, an insurtech specializing in workers comp insurance for small businesses, today announced the completion of a $118 million Series C funding round. Investors Allianz X and Acrew Capital led the round, and existing investors Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated in the round.
Pie Insurance was built on a foundation of data and advanced analytics that power its entire coverage experience for small businesses. Todays investment will enable Pie to invest further in technology and automation, as well as to grow its core workers comp insurance business, and lay the groundwork for new business offerings in 2021 and beyond.
Commercial insurance is long overdue for the online transformation that personal lines have benefited from for years, said John Swigart, Co-founder and CEO of Pie Insurance. Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company. Pie is leading the charge in building a more affordable and modern insurance experience, and todays funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.
About Pie Insurance
Financial Strength Rating Of Pie Insurance
Pie is backed by and their policies are underwritten by the Sirius Group, so they earn an A- for financial strength from A.M. Best. This is reassuring, since Pie is a new company and relatively unproven. This means that Pie has the financial resources they need to pay claims.
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Products Offered By Pie Insurance
Pie focuses on workers compensation insurance for small businesses. They are able to offer other types of business insurance by pairing with other insurance companies.
- Business owners
- Professional liability
- Small group health insurance
Workers compensation: This is what Pie specializes in, and in fact, its the only insurance they provide without pairing up with another insurance company. Workers compensation insurance is required in many states, even if you only have one employee. Pie claims they can save you 30% over other companies.
Workers compensation insurance provides medical, disability, survivor, burial and rehabilitation benefits to your employees.
The following are industries that Pie can provide coverage for:
- Auto shops
Business Owners: Business owners insurance combines commercial property insurance, commercial liability insurance and business interruption insurance into one policy. Pie insurance pairs with Progressive to provide this insurance for their customers.
Commercial Auto: Anyone who drives a company car for business needs commercial auto insurance. This is also offered through Progressive.
Errors and Omissions: E& O insurance protects you against claims by clients who believe you made a mistake that lead to their financial harm. Pie offers this insurance through Hiscox.
Health insurance for small businesses: Pie is able to offer small business health insurance through eHealth.
Amtrust Financial: Best In Providing Workers Compensation Policies Tailored To Small Businesses
As one of the nations largest providers of workers compensation for small businesses across multiple industries and professions, AmTrust Financial offers top-tier services for underwriting workers compensation. So its no surprise that its among the top 10 workers compensation insurers in the country in terms of direct premiums written and direct premiums earned.
|AmTrust Financial Strengths|
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Found 55 Of Over 56 Reviews
“Benefits package, flexibility, no micromanaging, fun work environment”
“the leadership team is by no means new to the start-up or insurance scenes”
“There may be some growing pains that come with a rapidly growing start-up, but it’s great to see management working to proactively address these”
I can’t recommend this company enough. I’ve never written a Glassdoor review, but I’m thrilled to be able to write this one. The founders genuinely care about their employees and recognize all the hard work that goes on in each team.Management closely works with new hires and really want them to succeed. Team members are cohesive and want to make the company a success.
Onboarding can be a bit chaotic, but everyone actively works to improve it. It’s definitely not a concern.
-Great Company-Transparency from Leadership -Fun environment -friendly coworkers
-Sometimes not super challenging -A bit cliquey depending on the department-
culture, benefits, growth, transparency, empathetic leadership
some siloing of processes, young company so things change rapidly and sometimes need to be worked out
-Every single person I’ve interacted with is extremely friendly, genuine, and welcoming!-Having the option to work remote is a great perk! -Comprehensive onboarding and transparency are something I haven’t previously experienced in any company and Pie goes above and beyond-I feel welcome and encouraged to be my best self!
Pie Insurance Response
Guide To Bests Credit Ratings
A Best’s Credit Rating is a forward-looking, independent, and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, and business profile or, where appropriate, the specific nature and details of a security.
Please read the Guide to Bests Credit Ratings for an in-depth explanation. A BCR is developed considering relevant aspects of Best’s Rating Methodologies . AM Best assigns various Credit Rating opinions, which are collectively referred to as “Best’s Credit Ratings” and include:
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Am Best Withdraws Credit Ratings Of American Sentinel Insurance Company
OLDWICK, N.J.—-AM Best has withdrawn the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of bbb- of American Sentinel Insurance Company . These Credit Ratings were under review with developing implications pending the sale of American Sentinel.
The sale of American Sentinel to Pie Carrier Holdings was withdrawn. All the business in American Sentinel has been moved over into an affiliate, Aegis Security Insurance Company . The new and renewal book of business for American Sentinel has been rolled over to Aegis, effective Jan. 1, 2021. Additionally, the company has received regulatory approval to enter into a Loss Portfolio Transfer and Quota Share Agreement between American Sentinel and Aegis, and management moved all of the reserves to Aegis. At the current time, American Sentinel is a shell company with no premium or reserves.
AM Bests policy is for a final rating to be completed along with a rating withdrawal. However, a final rating could not be completed due to the lack of business and forward-looking financial information necessary to support the formation of a current rating opinion.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Biberk: Best Workers Comp Insurance For Quick Online Coverage
biBERK, backed by parent company Berkshire Hathaway, offers quick, excellent workers comp insurance policies in most locations across the U.S. A primary objective of biBERK is to take the strength of an insurance powerhouse and distill it into a simple process of buying and administering insurance online. biBERK offers fast workers comp coverage to business owners who need to cover new hires to meet legal requirements.
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Am Best Downgrades Credit Ratings Of American Sentinel Insurance Company Maintains Under Review With Developing Implications Status
OLDWICK, N.J.—-AM Best has downgraded the Financial Strength Rating to B+ from B++ and the Long-Term Issuer Credit Rating to bbb- from bbb of American Sentinel Insurance Company . These Credit Ratings remain under review with developing implications.
The ratings reflect American Sentinels balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The downgrade of the ratings and the maintaining of the under review status for the ratings of American Sentinel reflect a decline in balance sheet strength and a change in strategy at the ultimate parent, LD Investments LLC. AM Best previously placed American Sentinel under review as management was considering an intercompany pooling agreement with an affiliate company, Seaview Insurance Company, as a form of capital support. However, due to the shift in strategy, American Sentinel has entered into a stock purchase agreement for the sale of the company to Pie Carrier Holdings. Subject to regulatory approval, LD Investments LLC expects to complete the sale prior to the end of 2020. The ratings will remain under review until the deal has been finalized and AM Best analyzes the future business plan of American Sentinel.
Pie Enters Florida And Wisconsin As It Continues Build Out
Sirius-backed Pie Insurance has made a move into Florida and Wisconsin, with the workers compensation-focused insurtech now offering coverage in 36 states across the US.
The Denver, Colorado-based company offers workers compensation coverage to the small business market.
The move into Florida and Wisconsin comes shortly after the business revealed that it had exceeded $100mn in cumulative written premium and had also surpassed $100mn in annualised run rate premium in less than three and a half years since launch.
The insurtech, which operates as an MGA for Sirius Group subsidiary Sirius America, offers AM Best A- rated workers comp insurance to small businesses, both directly through its website and also through thousands of independent insurance agents.
In todays economic climate, saving time and money is more critical than ever before, said John Swigart, co-founder and CEO of Pie Insurance.
With this expansion, were enabling Floridas 450,000 small businesses and Wisconsins 100,000 to access affordable and simple workers comp insurance, Swigart added.
Pies last funding round took place in May when the company raised $127mn and formed its affiliated entity, Pie Carrier Holdings, to create and purchase licensed insurance companies. To date, Pie has raised $188mn.
Gallatin Point Capital is the lead investor in Pie Carrier Holdings, with Sirius also investing directly as well as continuing to issue insurance policies offered by Pie.
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How Does Workers’ Comp Insurance Work
Each state administers its own workers comp program through a commission or board, meaning each state operates differently. Typically these state agencies ensure businesses comply with workers comp laws, collect relevant accident information, and make final decisions on cases.
In most states, employers must maintain records of any accidents, report accidents to state agencies, and inform their insurer of any accident within a specified timeframe.
Businesses that are protected by workers comp can easily request a Certificate of Insurance to show proof of coverage if needed. For some businesses, this is particularly important because they may be required to provide proof of insurance before any work can begin. This is common in the construction industry, for example.
When a business buys a policy, the premium is estimated. To ensure the correct premium is ultimately charged, insurers will perform an audit after the most recent policy period has ended. Insurers look back at the prior period to verify that the upfront pricing was accurate. If there are any material differences in the business risk or makeup of the workforce, the insurer can collect more premium or provide a credit. Learn more.