New Workers Compensation Insurance Program From Phoenix Risk Management
Phoenix Risk Management offers a flexible and competitive Workers Compensation Insurance Program designed for a wide range of industries and business types. Available in most states, this program is backed by a national “A” rated carrier and provides broad underwriting flexibility to help you place hard-to-fit accounts or emerging businesses with confidence.
Ideal Accounts and Appetite
This program is ideal for small to mid-sized businesses with at least $250,000 in payroll in the governing class code. Phoenix Risk Management welcomes a variety of industries, including new ventures, staffing agencies, and trucking operations—with specific underwriting thresholds for each.
- Staffing Companies: Minimum premium of $15,000 with a mandatory deductible.
- Trucking Companies:
- $25,000 minimum premium for accounts with no owner-operators.
- $50,000 minimum premium for accounts with up to 15% owner-operators.
- General Business Accounts: Must have a loss ratio between 40%–60% over the past three years.
You might have a client with a growing manufacturing operation or a newly launched staffing firm—both could be a strong fit under this program’s flexible underwriting approach.
Coverage Highlights and Advantages
- No class code restrictions – Underwriting is open to a wide range of industries.
- Pay-as-you-go payroll reporting – Helps insureds better manage cash flow.
- Deductible options – Starting as low as $1,000 per claim, with no collateral required for deductibles under $10,000.
- New ventures accepted – Ideal for clients launching new operations.
- No financials or deposits required – The only upfront cost is the first month’s payroll report.
Underwriting Notes and Minimum Premiums
- Minimum Payroll: $250,000 in the governing class code.
- Minimum Premiums: As low as $2,000 depending on the account.
- Loss History: Preferred loss ratio between 40%–60% over the last three years.
- Deductibles: Available with no collateral under $10,000.
Territories and Availability
This program is available in most states, including but not limited to: CA, TX, FL, NY, IL, GA, PA, OH, and WA. A full list of participating states includes: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY.
Why Work With Phoenix Risk Management?
Phoenix Risk Management is a trusted Managing General Underwriter and Excess & Surplus Lines Broker with deep expertise in workers compensation placement. Their streamlined underwriting process, access to top-rated carriers, and flexible program design make them an excellent partner for brokers and agents looking to place a variety of WC risks. With no financials or deposits required and a national “A” rated carrier backing the coverage, this program allows you to confidently serve your clients’ workers compensation needs.
Frequently Asked Questions
What types of accounts are a good fit for this Workers Compensation program?
Ideal accounts include businesses with at least $250,000 in payroll in their governing class code, new ventures, and companies with a loss ratio between 40%–60% over the past three years. Staffing and trucking companies may also qualify with certain minimum premiums and underwriting requirements.
Is this program available in my state?
The program is available in most states, including CA, TX, FL, NY, and many others. Please refer to the full state list or contact Phoenix Risk Management for eligibility in your area.
Are there any financial requirements for submission?
No financial statements are required. Additionally, no deposits are necessary—only the first month’s payroll report is needed to initiate coverage.
Can new ventures apply for coverage under this program?
Yes, new ventures are acceptable and welcomed under this program, provided they meet the minimum payroll and other underwriting criteria.
What deductible options are available?
Deductibles start as low as $1,000 per claim. No collateral is required for deductible options under $10,000.
Need help placing an account? Connect with a market specialist.