Frequently Asked Questions
Q. What types of risks are 5Star Workers’ Compensation Services best able to place?
A. We specialize in hard-to-place / higher risk workers’ comp accounts. For specific class codes and state eligibility, please call our underwriting team: 800.965.7457.
Q. What type of information does 5Star need to provide a quote for workers’ comp insurance?
A. We need the following:
- A fully completed and signed ACORD Application. (See our Workers’ Comp Applications)
- A copy of current experience modification worksheet
- 3 years currently valued loss runs.
Q. As an Agent or Broker, what how do I begin submitting applications for quotes?
A. We can provide you with a quote at any time but in order to bind coverage, you will need an appointment with CRC Insurance Services, 5Star’s parent company. For details, see Become A Producer.
Q. When does it become cost effective for an employer to self-insure for workers’ comp?
A. A general rule of thumb is when the standard premium for primary workers’ compensation insurance exceeds $500,000.
Q. What are the requirements for a client to self-insure their workers’ compensation?
A. Requirements vary by state but all states require the employer to demonstrate the financial capability to pay any and all claims to closure -- either by purchasing a surety bond or providing some other type of collateral. Most employers also purchase excess insurance coverage to protect themselves from long- tail, catastrophic losses or a considerably high number of claims.