Grow Your Business with FUBA Workers’ Comp

We are very pleased to announce that we are now paying 18% commission for a full twelve months on all new business bound April 1, 2009 through March 31, 2010.

In addition, we have updated our dividend products to include accounts as low as $1,000 in premium.

In challenging times like these, hopefully these incentives will bring you and your clients encouragement for the upcoming year.  Please allow us to review your clients’ upcoming workers' compensation renewals so that FUBA Workers’ Comp can demonstrate to you how we can improve on your clients’ dividend earning potential. Furthermore, with an 18% new business commission, you can improve your revenues on your existing accounts by 50 to 80 percent, while simultaneously providing them with a better product.

While workers' compensation rates have dropped over 60% in the last 5 years and payrolls are dropping as well, we feel this is truly a positive solution for challenging times.  FUBA Workers’ Comp has a 32 year history of providing a stable and competitive workers’ compensation market to Florida employers, and we look forward to continuing that tradition.

Premium Audits Will Be Conducted Soon

Our policies have a common anniversary date of April 1st.  As a result, all premium audits are conducted after renewal in May and June.  We know audits are very detailed and sometimes confusing for insureds.  Because of this, we have put together some information to help you answer questions your clients may have.

• Audits are a review of the total payroll during a policy period.  They also ensure that officers, employees and subcontractors are properly classified.
• Florida law requires us to perform audits on all policyholders.  The policy is written based on an estimated premium provided when they policy was bound.  During the policy period, the payroll may have increased or decreased.  The audit allows us to evaluate the actual payroll and premium earned during the policy period.
• The minimum payroll for an included corporate officer in the construction industry is $6,500 annually and $18,200 for included non-construction corporate officers.  The maximum for included payroll for both construction and non-construction officers is $119,600.
• Sole proprietors will be included at a flat rate of $48,900 annually.
• Payroll records, journals, general ledgers, check stubs, profit/loss statements, overtime records, subcontracting exposure, as well as certificates of insurance or exemptions for all owners, officers and subs used during a policy period are all records needed.
• Any subcontractor paid without a valid certificate of insurance or exemption will be included as payroll on the insured’s policy.
• Even if a company has no payroll during the policy period, the insured needs to comply with the audit and provide any relevant financial documentation.

Special note if your clients hire a sub who has an exemption:  It has been our experience that in the construction industry, work done by subcontractors often requires more than one worker to complete the job.  If a contractor hires an exempt, one-man sub to do a job and that sub has help from non-exempt workers, the policyholder will have to pay additional premium for those workers, and we as the workers’ comp provider will be liable for any workplace injuries for these workers.  For this reason, we will closely scrutinize our insureds in the construction industry who make large payments to exempt individuals. 

While we will honor exemptions held by subcontractors, we will also require documentation proving that the exempt sub worked alone.  In cases where the policyholder cannot show the exempt sub worked alone and yet he was paid a large amount of money, we will charge a reasonable premium to cover our liability for this exposure.  If a payment to an exempt sub with no employees exceeds $50,000 in a given policy period, it will trigger the need for this additional documentation, which includes:

• A Profit and Loss Statement for the policy period from the exempt subcontractor; and
• A General Ledger for the policy period from the subcontractor, if necessary; and
• If materials were included in payments to a subcontractor, a detailed breakdown of actual labor and material cost.

The easiest way for your clients to avoid problems is to communicate with us and with their premium auditor about exempt subcontractors and try to help clear up as much as possible.  We will work with our policyholders to the best of our abilities.

FUBA Who's Who

Jennifer Hoffman

There isn’t much at FUBA that Jennifer Hoffman hasn’t done.  She first joined our family in 2002 as a receptionist, while also assisting the Marketing and Membership Departments.  Jenn, as her friends and family call her, left in 2003 to pursue her Master’s Degree in central Florida.  With FUBA never far from her mind, she moved back to Tallahassee in 2005, and re-joined our team as Membership Director. Born in New York, Jenn’s family relocated to Coral Springs, Florida when Jenn was 5.  This led to her lifelong love of the sun.  On a beautiful day, you can usually find Jenn outside, either on a run or just enjoying the weather with her family. A self-proclaimed “country girl at heart,” Jenn lives just outside Tallahassee in Crawfordville, Florida with her husband and 2 ½ year old son, Jed, whose favorite pastimes include swinging and fixing things with his dad.  Jenn and her husband, Mutch, say that Jed is the greatest joy in their lives, and that dirt-biking is a close second.  “It doesn’t get much better than a day in the mud with my hubby!” Jenn laughs. Jenn is currently serving as our Policy Services/Accounting Manager.  She is responsible for managing the daily work and activities of both departments.  Jenn really enjoys her position because she gets to work with both agents and policyholders.  “I love what I do,” she tells us, “and you can’t ask for more than that!”

FUBA Fact

Renewal Recap