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PaulS · 06-22-2005, 07:12 AM

There might be some type of small business assoc. you can join to help qualify for large group rates. Be careful that the policy is "fully insured" and not a self funded policy. The self funded policies are basically insured at high dollar amounts (with deductibles like 25K). Your deductible may be much lower (like 1K). The prem. you and the other policyholders pay are used to fund claims between the 1k and the 25k. Usually there is no problem. However if all the policyholders have bad claims experience, there is no prem. to fund those claims and your claim goes unpaid. For a labor group or a large business, they would pay the shortfall. But with an association, there is no-one to make up the shortfall. Call the state dept. of insurance, they'll give you a few names of companies writing in RI. Good luck!

06-22-2005, 07:12 AM	#8
PaulS Registered User iTrader: (0) Join Date: Jul 2004 Posts: 10,295	There might be some type of small business assoc. you can join to help qualify for large group rates. Be careful that the policy is "fully insured" and not a self funded policy. The self funded policies are basically insured at high dollar amounts (with deductibles like 25K). Your deductible may be much lower (like 1K). The prem. you and the other policyholders pay are used to fund claims between the 1k and the 25k. Usually there is no problem. However if all the policyholders have bad claims experience, there is no prem. to fund those claims and your claim goes unpaid. For a labor group or a large business, they would pay the shortfall. But with an association, there is no-one to make up the shortfall. Call the state dept. of insurance, they'll give you a few names of companies writing in RI. Good luck!