We’re making it easier for you to do business with us! State Fund is committed to ongoing improvements and we’re excited to share the following updates with you, all starting January 1, 2020.
January 1, 2020 Rate Filing
State Fund’s rate filing achieves an overall decrease of 10 percent in collectible premium for policies with new and renewal dates of January 1, 2020 and later.
Please note, January 2020 new business submissions will be quoted after October 27, 2019. Prior to October 27th, all price indications for January new business in PriceNow will be based on current rates and calculations and are subject to change when the submission is quoted.
If you would like to receive a more accurate pricing indication for these January submissions, you may save the application and return to complete your submission after October 27, 2019.
Additional Rate Reductions for Specific Class Codes
To recognize improvements in specific industries’ claims costs and to better serve even more California businesses, State Fund’s January 1, 2020 rate filing includes further decreased rates for 65 select class codes. The decrease for these select class codes averages a 38.5 percent reduction to the base rate.
Change in Deposit Requirements
Great news! State Fund is eliminating deposit requirements for most new and renewal business effective January 1, 2020. This reduces the amount of upfront money required to bind or maintain a policy. It’s now easier for you to place business with us and for your clients to obtain workers’ compensation coverage.
Questions? For additional information on this change in deposit requirements, please refer to our list of frequently asked questions. You can also contact your Senior Marketing Representative or call our Broker Hotline at 1-800-834-2393.
These are just a few of the enhancements we’ve been working on to improve your experience in working with State Fund. We value your business and appreciate the opportunity to serve you and your clients.