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Account Review FAQ's

I already shared information about my operations with my Insurance Producer- Why is BIS making contact with me?
We make contact with some of our policyholders to make sure we have an accurate picture of the business and operations. Making sure we have captured the correct policy estimates helps to minimize big surprises once the policy expires and is subject to audit.
How long will the policy review take?
A review generally takes about ten minutes.
What if the information I provide during the review is different from what my Producer provided?
We will contact your Producer with the information and have them follow up with you if necessary.
What happens if during the policy term I want to take a job that involves work that I didn’t disclose at the time of application nor when the review was conducted?
You should always check with your Producer before you decide to take a job outside your usual scope of work.  Your policy does have limitations you may need to consider.
What if my payroll and/or sub-contractor costs are different at policy expiration than I predicted at the time of application and when I answered the review questions?
The policy is subject to audit after expiration and that is when we will invoice those differences. Using best estimates helps minimize large premium swings at audit time. If your operations shrink or grow considerably during the policy period, please contact your Producer to consider endorsing your policy with new exposure estimates.
Do I need to have exact figures during the call?
No, we are looking for your best estimates of payroll, sub costs, and revenue.
 
Can the cost of my policy change after the review?
It is possible. Your policy is issued with an estimated premium and final premium is calculated at policy audit after it expires. If your estimated operations and/or exposures are different from what is shown on your policy, after consultation with your Producer, the policy may need to be endorsed which could impact the estimated premium.
Why collect Certificates of Insurance from my Sub-Contractors?
Your policy requires you to collect Certificates of Insurance from your sub-contractors (before the start of work on each job) showing at least concurrent limits to your policy (not greater than $1M required). The policy also requires that your sub-agreement include state specific Hold Harmless and Indemnity agreements, and that you be added as an Additional Insured to their policy. Rates charged for sub-contractor costs are substantially lower than payroll rates because of these protections. If you are named as an Additional Insured on your sub’s policy and they have agreed to hold you harmless, this decreases your exposure to loss and helps maintain your low rates. Neglecting to collect Certificates of Insurance will result in being charged the payroll rate at audit for sub- contractor work.