Workers Comp Declarations Dec Page
Is the Workers Comp Declarations Dec Page really that important? I have often been asked by our clients what to look at in a Workers Compensation policy. In other words, they receive a huge stack of documents known as their Workers Comp policy. The policy will usually be scanned and emailed to save paper.
I wanted to cover a few areas that should always be looked over in ALL policies, not just Workers Compensation. The Declaration Page – Dec Page is a quick summary of your policy. If you have access to your company’s or any example of a Workers Comp Dec Page, please refer to it now. It is the very first part of your Workers Comp policy.
It is the section that describes your
- Estimated payroll
- Classifications
- Discounts
- Rates
- Credits
- Deposit premium for the policy period.
The insurance declaration page will generally be broken down into sections. The first section of the page will be listed or shown as Item 1 and will show information about the named insured such as their name, address and entity type.
The next section may show as Item 3 and will be detail information concerning the policy itself and will include;
123RF Section A, Workers Compensation Insurance, this section will show the specific state in which the workers compensation applies;
- Section B, Employers Liability Insurance, part two shows how this section is applied to work in each state listed in Item 3 and also shows the employers liability limits as chosen by the policyholder;
- Section C, Other States Insurance, lists each state in which other states coverage applies.
Found within Item 4 on the workers compensation declaration sheet will be the premium calculation statement by the company including:
- Classifications
- Descriptions
- Estimated payroll
- Rates
- Estimated annual premium
Also included on the Workers Comp Dec Page you will find the audit term, usually set as annual but may be another length of time, the policyholders federal ID number and its experience risk ID number as issued by the governing rate making authority for the resident state. The declaration will also show the minimum premium for the policy and all attached endorsements and policy forms.
I know, it is not exciting info, but this is YOUR UPFRONT OUT OF POCKET MONEY for your Workers Comp Insurance policy.
There is more than meets the eye that you need to check on for your company. Check out my next post – it is $$$.
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