In the coming weeks, we’re introducing new verification processes for certain post-bind and in-force policies.

General liability and workers compensation classification verification
In 2021, we launched a classification verification process for in-force business owner’s policies (BOPs). We’ll be expanding that process to in-force and new business GL and workers comp policies by validating class codes and exposures. Policies with inaccurate classifications and/or exposures will be corrected effective as of their renewal dates or backdated to the new business inception date if flagged during the underwriting period. In some states and in some circumstances, we may need to cancel the policy and rewrite it.

BOP business personal property coverage verification
We’ll be reviewing certain BOPs to ensure they provide adequate limits for business personal property. If we determine a BOP policy carries insufficient business personal property coverage, we may increase the limits. If one of your client’s policies is impacted, we will contact them directly with next steps. Customers who rent space or have small home-based businesses can request to keep lower limits.

Why it matters
When we use inaccurate data to rate policies and make underwriting decisions, our premiums become misaligned with risk profiles, which stifles growth and drives premium increases at renewal. That’s why it’s important to collect accurate data when quoting a policy.

With your help, we can stabilize rates to provide a better experience for your clients and help grow your book. Take our new on-demand risk classification training on how to classify risks properly and avoid common errors. Remember to use our Package/Product Determination Tool to route you to the best product fit, and ensure accuracy by providing a detailed description of operations in each quote.

Learn more about the steps we’re taking to achieve rate stability and a better customer experience with accurate data.