Video instructions and help with filling out and completing Fill Form 5495 Compensation

Instructions and Help about Fill Form 5495 Compensation

Okay so today we are going to go through the Accord 1:30 and this is the work comp application there's a lot I want to talk about I'm going to try to keep it as concise as possible but if you have questions as usual just send me an e-mail lanstrom as we go through and then I'll open it up for questions at the end I'm going to start with the easy stuff and we're just going to work on through this together so for starters if I get the date right that's not a good sign here maybe I shouldn't have this on a Friday okay you can leave this section here blank if you're sending it into access plus otherwise you put your agency's information here we are going to put down the applicants name and we're just going to say this is an actual I'm going to use HVAC as an example for this HVAC and we're going to say it's a corporation again if it's an individual you'd put Joe Smith DBA Joe's HVAC the insured would be the person's name but in this case it's a corporation so we're just going to list out the actual entity we do need an actual phone number in fact by we I mean the carriers we don't have a phone number a lot of types of carriers can't process the quote because that's how they log it in their system so I'm going to hit this box here right now because this is where everyone always forgets to put this and that's years in business this is a required field for carriers to proceed with a quote so just don't make sure just make sure you don't skip this box that they hit amongst all these other boxes that you don't have to fill out years in business they need to see that mailing address oops and the reason why of course they have that is because it's an eligibility question as to whether or not they'd actually write the business all ready okay now we're going to again put down whether it's a sole proprietor corporation and that whole thing so in this case it's a corporation but you just mark that and this is going to be a quote we're always going to do direct bill meaning the bill goes directly to the insured payment plan I always like to put in monthly just to see if it's an option and audit is important on work comp because they will audit about every every single year and you always want to choose at expiration that way at when the policy renews they get a little worksheet that they have to fill out and just like taxes if they had more payroll than they thought they would at the beginning of the year they're going to owe more money to the company but unlike taxes they usually don't get money back so it is important to be as accurate as possible without overshooting too much but you do want to make sure it's pretty accurate in terms of how much payroll you say that they're going to have so that way they don't get hit with a bill at the end of the year to make up for anything that they didn't estimate in the beginning um we'll talk more about that on the next page okay location this is just where their location is I'm going to say that they have two locations okay I'm going to say we have one one two three Main Street and I'm going to say we have another location in fact I'm just going to because I want to get on the underwriters good side I'm going to say this is the servicing shop sort of shop and then I'm going to say this one is the the retail shop okay so they like service and repair air conditioners and stuff here they sell air conditioners here okay if I will like would have explained that more on the 125 which is the general application okay and again you always fill out the Accord 125 we all know that by now proposed effective date we're going to put down for I was going to put for one which is probably more realistic with my time frames but will will say that I'm actually being a good producer today and I'll put down that it's not due till 4:15 whoops expiration is going to be one year later okay now participating in non participating I'd encourage everyone to always check non-participating and the reason why is because a participating program means that if they have a really good year they don't have any losses that they might get some money back it's like a dividend plan okay but the problem is not all carriers have this and so if you put down participating and the carrier doesn't have it available they just sometimes won't give you a quote back so I always choose none participating to get all the quotes back I can and then I ask you know oh it on the good ones do you have a participating plan and then I can use that as an option if it looks good okay already next the limits first of all I guess we've got to put down the states that we're going to be writing business in here now this is an important section this there's there's two parts I wish they wouldn't thrown this in the middle there's part one part three okay this is what states they currently work in and we know for sure they're going to work in these are the states that they may on a very off chance working so for example right now we're going to say that we know they for sweet they for sure work in Nebraska and he's never ever done business before in Iowa but he's