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June, 2014

5 Things Every Small Business Owner Should Know About Workers Comp Insurance (by Elizabeth Sullivan, VP, EG Bowman)

#5 – WC Coverage is a compulsory coverage required by law for all employees. Small business that do not secure WC coverage are subject to fines and penalties that accrue daily. Note: Monopolistic States: North Dakota, Ohio, Washington, and Wyoming have state-run WC funds that require all businesses with employees to opt in.

#4 – WC Coverage assumes the employers obligation to pay medical and death benefits to employees injured on the job. Coverage is comprised of 2 parts. Part 1 – Workers Compensation covers the medical treatment, disability, and death benefits of employees hurt on the job. Part 2 – Employers Liability protects business owners held liable for employee injuries incurred during the course of employment.

#3 – The cost of Workers Compensation coverage must be paid entirely by the employer. Employees cannot contribute to the cost of carrying the coverage.

#2 – Premium is calculated based on claims history, classification of employees, and estimated payroll. The estimated payroll is subject to audit confirmation at the end of the policy term.

#1 – The most effective way to reduce claims and save on premium is to prevent workplace accidents from happening in the first place. A Loss Control/Safety program customized for your small business can help mitigate losses and achieve premium savings. Also, many carriers and states provide premium credits for maintaining Workplace Safety Programs and Drug Free Workplaces.



Elizabeth Sullivan is an insurance professional with over 15 years of industry experience within the Property and Casualty practices. Elizabeth earned her Bachelor of Science degree from Fordham University, is a New York State Property & Casualty licensed broker, and holds non-resident broker’s licenses in over 20 states.

Elizabeth began her brokerage career at MP Agency/JLS Group, Inc. as an Executive Technical Assistant in the Non-Profit/Small Commercial Lines department. She provided support to senior executives and brokers by processing endorsements, audits, and renewal/ad-hoc post placements.

Elizabeth was then recruited by Marsh, Inc. and signed on as a Senior Insurance Assistant in the Casualty department. In this role she managed & maintained the issuance and distribution of an extensive volume of certificates of insurance, auto ID cards, and workers compensation notices for numerous Fortune 500 multi-national accounts. She analyzed contract reviews, 3rd party requests, and lease agreements to determine pertinent coverage, applicable endorsements, and supplemental information required for certificate issuance. She also participated in RFP’s, complex renewals, & intricate new business bids.

Elizabeth later joined the Commercial Lines department of Frank Crystal & Company, Inc. under the role of Associate Account Executive and was quickly promoted to Account Executive. She provided day to day account servicing on a sizable book of business comprised namely of start-up financial institutions. During her tenure, she analyzed client risk, created renewal/new business specifications, negotiated premium, presented proposals, and secured Financial Lines penetration business. Elizabeth also initiated a training pool for incoming associates, and maintained the departmental renewal and prospect database.

At Aon Risk Services, Elizabeth first brokered reverse-flow middle market accounts, developed international coverage programs, and arranged coordination of brokerage services throughout Aon’s global network of offices. Elizabeth was then asked to help manage a team of brokers dedicated to servicing small commercial/middle market domestic and international accounts. As Associate Director of the Small Medium Enterprises Group, Elizabeth and her team brokered a diverse book of business comprised of non-profits, manufacturing, technology, real estate, among other industry segments.

Now at EG Bowman, Elizabeth serves as a Vice President focusing on client servicing, management, new business development and strategy.

For comments or questions about this article, contact Ms. Sullivan at or call 212-425-8150





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