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When enrolling in a Wrap-Up, you may be asked for your company’s Risk ID number (Risk Identification Number). Continue reading to discover 5 points you need to know about your Risk ID.
1. What is a Risk ID?
The Risk ID is a nine-digit numeric code assigned by NCCI to uniquely identify the insureds that are subject to interstate or intrastate experience rating. If your state does not use NCCI, there is an equivalent number provided by your specific state’s WC Bureau.
2. Where do you get a Risk ID?
You or your insurance broker can typically access this number online through NCCI or your state bureau by searching with your FEIN or corporate name. You can also find it by looking on your worker’s compensation policy.
3. Who has a Risk ID?
Risk ID is usually given after a company has employed workers for 3 or more years. If your company is considered a Sole Proprietor, you are not usually provided one.
4. Why is a Risk ID important?
This is an assigned identification number or a tracking number connected to your workers’ compensation policy.
5. Is the Risk ID the same as the Experience Modification Rating?
No, your Risk ID and Experience Modification Rating (EMR) are different. The Risk ID is simply an identification number. Your EMR is a number based upon your company’s safety.
If you have any questions or need additional information regarding your Risk ID, Wrap-Up’s or other insurance policies, give TSIB a call today at 201-267-7500! You may also download TSIB's eBook, "Understanding Contractual Risk Transfer," to discover the clauses in your construction contracts that affect your business's bottom line.