Fill a Valid Acord 130 Template

• ACORD 130: This form is specifically designed for workers' compensation insurance applications. It collects detailed information about the applicant's business operations, employee classifications, and coverage needs. Similar to the Acord 130, the ACORD 25 form also gathers essential information for various types of insurance applications but is broader in scope, covering general liability and property insurance.

• Last Will and Testament: To ensure your wishes are honored after passing, consider utilizing the vital Last Will and Testament documentation for effective estate planning.

• ACORD 133: This form is used for assigned risk applications in workers' compensation insurance. Like the Acord 130, it requires information about the business and its employees but focuses on those who may not qualify for standard coverage, thus addressing specific risks and underwriting concerns.

• ACORD 101: This document serves as an additional remarks schedule that can be attached to various ACORD forms, including the Acord 130. It allows applicants to provide more detailed explanations or additional information that may be relevant to their application.

• ACORD 27: This form is utilized for commercial property insurance applications. While the Acord 130 focuses on workers' compensation, the Acord 27 collects similar types of information regarding the business’s operations, including locations and values at risk.

• ACORD 90: This form is a commercial general liability application. It shares similarities with the Acord 130 in that both require detailed business information and employee classifications, although the Acord 90 is tailored for general liability coverage rather than workers' compensation.

• ACORD 2: This is a commercial auto application form. While it focuses on vehicles and their use, it parallels the Acord 130 in that both require information about the business and its operations, particularly regarding risk assessment and underwriting.

1. What is the ACORD 130 form?

   The ACORD 130 form is a standard application for workers' compensation insurance. It collects essential information about a business, including its operations, employee details, and coverage needs. This form helps insurance companies assess risk and determine appropriate premiums.

2. Who needs to fill out the ACORD 130 form?

   Any business seeking workers' compensation insurance should complete the ACORD 130 form. This includes sole proprietors, corporations, partnerships, and limited liability companies (LLCs). It is crucial for businesses with employees, as it provides necessary details for insurance coverage.

3. What information is required on the ACORD 130 form?

   The form requires various information, such as:

   • Business name and address
   • Contact details for the applicant
   • Years in business and type of business
   • Employee details, including remuneration and payroll
   • Coverage needs and any additional endorsements

4. How is the estimated premium calculated?

   The estimated premium is based on several factors, including the type of business, employee classifications, and payroll amounts. The insurance company will use this information to assess risk and determine the premium amount. The form includes sections to estimate annual premiums for all states where the business operates.

5. What is the purpose of the loss history section?

   The loss history section asks for information about any past workers' compensation claims. Insurance companies review this history to evaluate the risk associated with insuring the business. A clean loss history may lead to lower premiums, while a history of frequent claims may result in higher costs.

6. What should I do if I have employees in multiple states?

   If your business operates in multiple states, you must indicate this on the ACORD 130 form. You may need to provide additional information for each state, including specific employee classifications and estimated payrolls. This helps ensure that the insurance coverage is appropriate for each location.

7. Can I include subcontractors in my coverage?

   Yes, you can include subcontractors in your coverage. However, you must disclose this information on the form. If subcontractors are used, their payroll must be included in the state rating worksheet. This ensures that the insurance covers all individuals working on behalf of your business.

8. What happens after I submit the ACORD 130 form?

   Once you submit the ACORD 130 form, the insurance company will review the information provided. They may contact you for clarification or additional details. After evaluating the risk, they will provide a quote for your workers' compensation insurance. If you agree to the terms, coverage will begin as specified in the policy.

The ACORD 130 form is a key document used in workers' compensation insurance applications. Along with this form, several other documents may be required to provide a complete picture of the applicant's business and insurance needs. Below is a list of commonly used forms and documents that accompany the ACORD 130.

• ACORD 133: This form is used for assigned risk applications. It helps provide additional details about the applicant's business operations and any specific risks associated with them.
• ACORD 101: The Additional Remarks Schedule allows for extra comments or details that may not fit in other forms. It is useful for clarifying information or providing additional context.
• Loss Run Report: This document shows the applicant's claims history over a specified period, typically the last five years. It includes details about any claims made, amounts paid, and reserves set aside for future claims.
• Employer's Liability Insurance Application: This application is often used to apply for employer's liability coverage, which protects against claims made by employees for work-related injuries that are not covered by workers' compensation.
• Power of Attorney Form: This document allows a designated person to make decisions on your behalf, which can be critical when you are unable to act. For those interested in creating a Power of Attorney, templates are available at legalpdfdocs.com to ensure your wishes are fulfilled.
• Business Operations Description: A detailed description of the applicant's business activities, including types of work performed and any subcontracting arrangements. This helps insurers assess risks accurately.
• State Rating Worksheet: This worksheet is used to calculate the estimated annual premium based on the applicant's payroll, class codes, and other relevant factors. It provides necessary data for determining the cost of coverage.
• Federal Employer Identification Number (EIN): This number is required for tax purposes and is essential for businesses when applying for workers' compensation insurance. It helps identify the business entity.
• Safety Program Documentation: If the applicant has a safety program in place, documentation of this program may be required. This shows the insurer that the business takes proactive steps to minimize risks.

These documents collectively support the information provided in the ACORD 130 form. They help ensure that the insurance application is thorough and accurate, which can lead to more favorable coverage options and premiums.