Pie will accept new ventures upon underwriter approval, if not included in the hazard group limitations. In some cases, Pie will accept new ventures as bindable online. New venture applicants must be newly in business or have had too few employees to require coverage. Any applicant with prior workers’ compensation coverage but without current coverage will be treated as a policy lapse requiring underwriting approval. Same-day binds may be accepted on new ventures; however, backdating requires underwriter approval.
Our maximum premium is $125,000 in Modified Premium which is calculated as the premium after the application of the merit rating or experience modification factor.
Employer’s Liability – Increases Limits
States have limits that cannot be exceeded. Pie will not offer limits above $1 million / $1 million / $1 million without underwriter approval.
Experience Modification Factor (Emod)
Our maximum allowable Experience Modification Factor (Emod) is 2.0, and our minimum allowable online bind Emod is 0.40. With underwriter approval, Pie may bind applicants with an Emod below 0.40.
Pie may offer a deductible based on an applicant’s ability to pay. No deductible can exceed the annual premium.
Lapses in Coverage
Pie may offer coverage to applicants with a lapse in coverage on a case-by-case basis, with underwriting approval and a signed statement of no losses during the lapsed period. Same-day coverage may be offered on lapses; however, backdating requires underwriter approval. For preferred class codes, a no loss letter is required for opportunities with lapses in coverage, if the business is not a preferred class code, loss runs are required.
Effective Dates and Backdating
Backdating is allowed with underwriting approval.
Coverage for Sole Proprietors
Pie may offer coverage to sole proprietors with no employees. In these instances, we may use the applicant’s Social Security Number instead of a Federal Employer Identification Number (FEIN) and assign the state-mandated payroll.
Federal Employer Identification Number (FEIN)
All policies that cover employees will be required to provide a Federal Employer Identification Number (FEIN) prior to policy issuance.
Specific and Blanket waivers are available. All waivers carry an additional fee; generally, specific waivers are 5% subject to a $250 minimum, and blanket waivers are 2% subject to a $500 minimum.
Additional insured endorsements are not allowed.