5Star Workers’ Compensation Services is your one-stop shop for all worker's compensation risks.
What types of risks are 5Star Workers’ Compensation Services best able to place?
Experience Mod less than 1.50 for risks under $500,000 manual premium. For higher Mods we recommend you call our underwriting team for your area.
What type of information does 5Star Workers’ Compensation Services need to get a quote for workers compensation insurance?
- A fully completed and signed Accord Application. (See our Acord Forms and Tools section)
- Copy of current experience modification worksheet.
As an Agent or Broker, what is required for me to begin submitting applications for quotes on worker's compensation insurance to 5Star Workers’ Compensation Services?
- To access our Workers’ Compensation Services, you will need to become appointed, using the Limited Appointment process for binding up to two accounts.
Claims & Risk Management
Frequently Asked Questions
How is 5Star Workers’ Compensation Services Administrators different from other TPA's (Third Party Administrators)?
EXPERIENCE is one unique characteristic that qualifies us to handle claims more effectively. Our claims staff has a minimum 10 years experience handling worker's compensation claims for both self-insured and fully insured clients.
LOW CASE LOADS allow the adjusters to actively work their diaries and manage the claim files on a daily basis as opposed to being so busy just putting out fires that could result in the client paying for claims they really don't owe.
BEST PRACTICE STANDARDS. 5Star Workers’ Compensation Services Administrators was established under the Best Practice guidelines of over 30 separate criteria set up by Midwest Employers Casualty Co., an excess worker's compensation carrier.
Does 5Star Workers’ Compensation Services Administrators offer Internet claims reporting capabilities?
Yes, as of June of 2001 we went on-line, offering our clients the convenience of on line reporting as well as checking on their claims status.
In addition we also offer 1-800 telephone claims reporting 24 hours a day 7 days a week.
Clients may also Fax their claims report 24 hours 7 days a week.
All three methods facilitate the importance of reporting claims within the first 24 hours.
“NEW” In Oct. 2002 5Star Workers’ Compensation Services Administrators Formed An Exclusive Partnership With Enable Comp To Offer Our Clients HIPPA Secure Data Exchange Via The Internet!
Instant Electronic Data Exchange between Client, Broker, Excess Carrier, Physician, and TPA.
Accident Prevention
Frequently Asked Questions
How can an organization reduce accidents and in turn reduce insurance premiums?
The most effective method we know of is by educating employees and changing their behavior to think safety. To achieve this 5Star Workers’ Compensation Services developed a program called STEP®!
What is STEP®?
The Safe Thinking Employee Process is a turnkey, customized claim reduction process that changes employee behavior by:
- Building employees awareness
- Educating them on the issues
- Involving them in the process
- Gaining their commitment
- Communicating with them on an ongoing basis
- Recognizing employees for their safe behavior
How is STEP® different from any other safety program?
The STEP® process is built around sound behavior modification principles. In order to improve performance any program needs to answer the following questions.
- What do you want from me?
- How do you want me to do it?
- What's in it for me?
- How well am I doing?
Most safety programs answer only one or two of these questions. STEP® provides the answer to all these questions through the effective use of communications, training, measurement, feedback and rewards.
Self-Insurance for Workers' Compensation
Frequently Asked Questions
When does it become cost effective for an employer to self-insure for worker's compensation?
A general rule of thumb is when the standard premium for primary worker's compensation insurance exceeds $500,000.
As the market continues to harden insurance carriers are continuing to raise premiums as well as becoming more and more selective as to the type of risk they are willing to write. Some experts predict this trend to continue through out 2002 and that these conditions may eclipse those of the mid 1980's, which drove many employers to self-insure.
What are the requirements for becoming self-insured for worker's compensation?
It varies from state to state, but all states require the employer be able to show they have the financial capability to pay any and all claims to closure, by purchasing a surety bond or providing some type of collateral. Most employers also purchase excess insurance coverage to protect themselves from long tail catastrophic losses and or a considerably high number of claims.
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