States affected: AZ, FL, IA, ID, NJ, NY, PA, VA, VT and WI
Late last year, we updated the model we use to assess and underwrite risk for workers compensation. Effective March 22, we added the business owner’s credit-based insurance score to our underwriting model to underwrite these risks even more accurately.
How it works
When quoting a new policy, you will be asked to provide the business owner’s name, home address, date of birth and permission to run a soft credit check, which will not affect the owner’s credit. For businesses with multiple owners, enter information for the person primarily responsible for day-to-day financials, such as the chief financial officer.
You will have the option to skip a credit check for an initial quote, but keep in mind that we will need to run a credit check before you can bind the quoted policy. Quotes generated without a credit-based insurance score may not be accurate.
Declined risks
If eCLIQ® declines a risk after you provide the business owner’s information, it will indicate if the credit-based insurance score was a contributing factor.
In these cases, you will be given the option to send your customer an Adverse Action Notice describing the reasons for the decline through the agent portal.
