A lot of people search the internet trying to get an idea about how much they can expect to pay for their restaurant insurance in California. However, there is no way you can get a solid number just by looking online.
You really need to speak to an agent who specializes in restaurant insurance. They will ask you a lot of questions and look up the technical factors and do the computations for you. Otherwise you will be getting an wide range of numbers that may not apply to your business.
For example, in the case of Workers? Compensation for a restaurant in California there are several factors involved:
1. What is the amount of your payroll?
2. Have you had any claims? How severe were those claims?
3. Have you been continuously insured? Has your coverage lapsed?
4. Was your Unit Statistical Filing done correctly? Are there errors?
5. What is your experience modification factor?
6. What is your class code?
7. When is your normal anniversary date?
Workers? Compensation premiums are determined by a complex formula that looks like this:
Modification =[(Ap x Cp) + (Ep x (1 ? Cp))] + [(Ae x Ce) + (Ee x (1 ?Ce))] / E
An average Experience Modification (Ex-Mod) is 100. However, if you have had claims, or a short history, it may be higher. If you have a longer history with fewer claims, it will be lower. You get a credit toward your Workers? Compensation premium if you have a lower ex-mod, and that credit is determined by the number. You will pay extra if your experience modification is higher than 100.
Just to show you how you cannot get a good estimate without actually having an agent submit it, here is an example:
With a payroll of 1,000,000, class code only for a Restaurant/Tavern, and anniversary date of 10/10/2012, and an average ex-mod of 100 (also displayed as 1), the range estimate could be anywhere between $17,700 to $85,900! Because there are so many other factors that help determine your Workers? Compensation premium, the only way to get an accurate number is to hire an agent to work for you.
Once you hire an agent, they will get the information you need in order to get an accurate quote. They will check to make sure there are no errors in your formula that could result in higher premiums. Finally, they will advise you of additional items you may need to lower your premiums.
Invensure has a restaurant insurance specialist who can help you determine exactly what you will need. If you have a restaurant in Southern California and would like more information, call (949) 756-4100 .
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