KRFSIF has a dedicated underwriting team with over 15 years combined experience in order to provide careful evaluation of new and existing members. It is important to have the integrity of underwriting present for the longevity of the KRFSIF program. Underwriting is a continuous and critically important part of KRFSIF management. The KRFSIF underwriting team understands the demands the retail and service industry operations must meet on a daily basis and will respond with a high sense of urgency.
- Operations must engage in retail trade or related business. Excluded operations include, but are not limited to: Agricultural, Blasting, Heavy Construction, Drilling, Hazardous Waste Operations, Restaurant Delivery, Roofing and Trucking. (Please see class codes list for further information.)
- The prior three year’s average loss ratio should be 64% or less.
- Mod must be under 1.25.
- Preferably in operation for at least five years but will consider quoting new business with approved class code and extensive management experience.
- Applications not meeting the underwriting criteria may be approved by KRFSIF and the excess carrier.
- In order to receive coverage with KRFSIF, the employer company must be a member in good standing of the Kentucky Retail Federation. Quotes may be provided prior to the employers joining the Federation. However, in order for the Fund to write coverage, the company must join the Federation.
- Completed, signed application
- Copies of the last 4 years annual payroll audits or UI-3 form or 941s for the last 4 years if no NCCI Experience Mod Worksheet is available.
- A copy of the current NCCI Experience Mod Worksheet or the equivalent.
- Latest 3 year loss runs valued within 6 months of proposed effective date.
- Employee Concentration Supplemental Application. Provide number of employees by location, if more than 200 employees at one location.
- Company narrative or brochure
Writing the Right Class
As part of KRFSIF’s ongoing process to ensure quality and competitiveness within the market, we have recently re-evaluated our rate structure. Following is a comprehensive list of the approval codes that the Fund can bind workers’ comp coverage for.
Approved Class Codes
|0042||Landscape–Gardening & Drivers|
|0050||Farm Machinery Operation|
|2501||Clothing & Umbrella MFG|
|2570||Mattress or Box Spring MFG|
|2586||Cleaning or Dyeing|
|2589||Laundry and Dry Cleaning|
|2881||Furniture and Assembling MFG|
|3179||Electrical Apparatus MFG|
|3180||Electric or Gas Light Fixtures|
|3648||Automotive Lighting MFG|
|4150||Optical Goods MFG|
|4611||Pharm Preparation MFG|
|4635||Oxygen or Hydrogen MFG|
|5190||Electrical Wiring within Bldg|
|5191||Office Machine or Appliance|
|5192||Vending Machine Instalation|
|5221||Concrete or Cement Work|
|5348||Interior WK Tile Stone|
|5474||Painting or Decoration|
|5478||Carpet/Linoleum & Flooring|
|5537||Heating & A/C Duct Workshop|
|6504||Food Sundries MFG NOC|
|7380||Chauffeurs & Helpers|
|7605||Burglar Alarm Installer|
|8001||Florist Store & Drivers|
|8002||Automobile Rental Company|
|8008||Store–Dry Goods, Etc.–Retail|
|8015||Quick Print–Copy/Dup Service|
|8021||Meat, Fish & Poultry|
|8031||Store–Meat, Fish & Poultry|
|8058||Building Materials Dealers|
|8072||Store–Retail–Record, AC, AV|
|8111||Plumbers’ Supplies Dealer|
|8116||Farm Machinery Dealer|
|8203||Ice Dealer & Drivers|
|8380||Auto Service or Repair Center|
|8393||Auto Body Repair|
|8748||Auto Sales/Service Agencies|
|8810||Clerical Office or Libraries|
|8825||Retire Living Center–Food SVC|
|8826||Retire Living Center NOC|
|8832||Physician & Clerical|
|8835||Public Health Nurses Assoc.|
|8855||Banks & Trust Companies - All Employees|
|8869||Child Daycare Center–Prof/Cler|
|9012||Apart Prop Manager/Leasing Agent|
|9014||Buildings (by contractor)|
|9015||Building or Property Management - All Employees|
|9052||Hotels–All other Employees|
|9084||Bar, Disco, Nightclub, Lounge, Tavern|
|9093||Bowling Lane or Ice Rink|
|9110||Char/Welfare Org–All Other|
|9154||Theater–All Other Employees|
|9220||Cemetery Operation & Drivers|
|9516||Radio/TV/AV–Installation & Repair|
|9521||House Furnishing Installation|
|9586||Barber Shop or Beauty Parlor|
Does KRFSIF write new businesses?
While we prefer the business to have been operating for at least five years, we will consider new businesses. Any businesses with fewer than five years of operating experience will need to provide an owner’s bio to include management experience as well as industry experience, if applicable.
What does KRFSIF need in order to provide a quote?
Please provide a completed work comp application as well as four years of loss history. Any additional information needed to provide a quote will be requested by the underwriter.
What benefits do members receive for joining Kentucky Retail Federation?
The Kentucky Retail Federation provides several benefits to members including, but not limited to the following:
- Credit card/debit card services
- Discount shipping program
- Workers’ compensation
- Health insurance
- Property/casualty programs through State Auto with the potential for the member to earn dividends
*Please contact Cassie Grigsby for more information regarding KRF membership benefits.