Renewing Your Workers’ Compensation Insurance? Check the 3 Rs

While workers’ compensation insurance is required by law, businesses should not blindly renew their policies.

Workers’ compensation insurance should never be an automatic renewal. Even though businesses are required by law to have a policy for their employees, businesses have an opportunity to streamline costs and methodology, but only if they ask the right questions. There is something that can make everything easier for every business owner: The Three Rs. The Three Rs include Review, Reboot, then Renew.


Business owners need to ask themselves these questions before they renew:

  1. Have the needs of the business changed?
  2. Has the business added or lost any employees this year?
  3. Have there been any classification changes?

Their workers’ compensation needs to reflect the answers to these questions.


Before businesses renew, they have a chance to reboot or restart.

  • Businesses should find a company that can serve their new needs with excellent attention to detail and up-to-date methods of keeping in touch.
  • A company should understand that each workers’ compensation policy has different rates for different class codes or industry classifications. Clients should find the carrier that perfectly matches their industry and can thus offer them the lowest rates for their needs.
  • They need to find a company that will keep them up-to-date on any laws that may change and have a direct effect on their company.


If businesses follow this procedure, they should be ready to renew. They should only renew policies once they are sure that this new company and policy are the ones that meet all of their needs.

We’re experts in small business insurance and can help you put the proper policies in place –including workers’ compensation. To learn more about getting competitive coverage for your small business clients, contact us today.

By PMC Insurance Group

Since 1996, PMC Insurance Group has worked to help independent agents grow their client base by offering workers' compensation solutions for a wide array of businesses. As one of the most distinguished workers' compensation wholesalers in the country, we have the tools and resources to help you create coverage programs for both small businesses and large accounts.