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Is this the first time your company needs to enroll in a Wrap-Up program? As you fill out the paperwork, you will need to know what your Risk ID number is.
A Risk ID or Risk Identification Number is a 9-digit numerical code that is assigned to your company by a rating bureau known as the NCCI—which is the National Council on Compensation Insurance. This code uniquely identifies your company.
Your Risk ID number is associated with your Worker’s Compensation Coverage. The identification number is often found on your policy documents, but you can always reach out to your Broker directly if you need additional assistance. Companies who have been in business for less than 3 years and considered a Sole Proprietor with fewer than 3 employees, typically do not have one.
Some states do not use the NCCI. They either have their own Independent Rating Bureau or are a Monopolistic State.
States that have an independent rating bureau will provide an equivalent code that can be used when enrolling in a Wrap-Up program. Like the NCCI, these states have rules and regulations that govern their Worker’s Compensation insurance classifications, premium computation, and EMR, but with their own rating bureau.
Monopolistic states do not have a rating bureau at all. In those states, an equivalent code is provided by that state’s Worker’s Comp Bureau. In the Monopolistic States, your company is required to obtain Worker’s Compensation (WC) insurance through the mandatory state fund or qualify as a self-insurer.
You can see if/which rating system your state uses here.
If you have questions regarding your Risk ID, Worker’s Compensation, EMR, or any other insurance-related questions, reach out to TSIB today!
TSIB’s Insurance Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County.