Associated Specialty Insurance Agency, Inc. (ASIA)

ASIA’s capabilities make it easy for you to pick… the winner! #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

Good Opinion from the Supreme Court of Mississippi about the “executive officer exception.” “[A]n executive officer’s withdrawal from an employer’s workers’ compensation policy does not mean that the officer no longer is an employee of the corporation.” Harris v. Hemphill Constr. Co., Inc., No. 2023-CA-00973-SCT, 2024 WL 5083741, at *8 (Miss. Dec. 12, 2024). #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

Good resource about misclassified workers. #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

WorkersCompensation.com’s “The Weekly Three” featured articles from experts Frank Sorochen, Esq., Connor Thomson, CPCU, Ronna Ruppelt, and Natalie Torres. https://lnkd.in/ePnDE9ez https://lnkd.in/gZ6HCEY9 https://lnkd.in/gvvA4AEu #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

The intermediary nature of wholesale brokers truly “depopulates” the sales and servicing process for retail agents or brokers and simplifies the underwriting process for insurance companies. #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

How do wholesale brokers work in #WorkersCompensation? Frank Sorochen, Esq. and Connor Thomson, CPCU break it down in today's #ExpertAnalysis from WorkersCompensation.com Here are some highlights: ? Why Wholesale Brokers? In the workers’ compensation ecosystem, retail agents or brokers turn to wholesale brokers when a standard insurance company is unable or unwilling to underwrite a policy due to high claims frequency or severity, hazardous occupations or operational risks, state regulatory requirements, or fluctuating payrolls.?Wholesale brokers can leverage their deep expertise and market clout to obtain coverage at a reduced rate.?Wholesale brokers can also (1) offer unique coverage solutions (e.g., a “Small Business Owners Dividend Program” for certain?hospitality,?manufacturing, and?professional service?classes with premiums starting at $1,500, coupled with “Schedule Credits”); (2) advise on alternative risk transfer mechanisms (e.g., self-insurance programs with large deductible or retrospective rating plans); and (3) coordinate strategic loss control plans, effective return-to-work (i.e., modified duty) programs, and claim reviews. ? Roles of Wholesale Brokers Pursuant to a federal court in the Northern District of Illinois, a wholesale broker has four distinct roles.??See Brown & Brown, Inc. v. Muhammad Munawar Ali, 592 F. Supp. 2d 1009 (N.D. Ill. 2009): 1?? First, a wholesale broker receives a putative policyholder’s confidential information from a retail agent or broker.??See id.?at 1017 (noting that the wholesale broker does not maintain direct contact with the putative policyholder).?The confidential information includes “the insurance services contemplated, policy term, target price, expiring price, expiring coverage, description of operations, loss history, and exposures.”??Id. 2?? Second, the wholesale broker summarizes, assembles, and provides the confidential information to an insurance company based on its knowledge of the insurance company.??See id.?(suggesting that, because the insurance industry is “highly competitive and . . . relationship driven,” the more market clout the wholesale broker has, the more it can leverage its knowledge of the insurance company). 3?? Third, after the wholesale broker learns that the insurance company may be interested in insuring the putative policyholder, it analyzes the information returned by the insurance company and relays it to the retail agent or broker.??See id.?(noting, again, that the wholesale broker does not maintain direct contact with the putative policyholder).?The information may be relayed via “a formal proposal[] or . . . bindable quote . . . , or it may simply be [relayed] over the phone or in an e-mail.”??Id. 4?? Fourth, the wholesale broker may advocate on behalf of the putative policyholder, negotiating a rate reduction with the insurance company if the bindable quote is not competitive.??See id.?at 1023-24.?

We start a new year (our 25th, by the way) with Dr. Claire C. Muselman explaining the way to make decisions with #data, Frank Sorochen, Esq. and Connor Thomson, CPCU teaching us about #WorkersCompensation brokers, and Frank Ferreri looking at a case of first impression in the #Mississippi Supreme Court

Last night, ASIA hosted its 2024 Holiday Party at Tavola Restaurant + Bar. The team celebrated another fantastic year, where performance goals were EXCEEDED, and new business INCREASED. Happy holidays, everyone! ???? #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

ASIA will find you the best rates and coverage, so your healthcare clients are cared for while they care for others. #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance

Happy Birthday to ASIA! ASIA thanks its brokers, agents, markets, and employees for their support and commitment over the past thirty years. #ASIA #ASIAworkerscompensation #ASIAworkerscomp #workerscompensation #workerscomp #wholesalebroker #insurance