Since BWC’s Other States Coverage program launched in 2016, agents have been eligible to receive a $50 application service fee for helping their clients secure this coverage. As the program has grown, BWC has continued to value the involvement of the insurance agent community. With this in mind, OIA advocated for the adoption of a better compensation structure.
On July 1st, BWC increased the payments that agents receive from using BWC’s Other States’ Coverage Program. The fees moved from a $50 flat fee to a tier-based system that is based off the initial premium amount with no adjustment for endorsements or audits. Based on an analysis of agent fees paid to date, almost 50% of agents using the program will receive better compensation for placing their clients’ business with BWC’s program under this new tiered system. Tiered payments will range from $50 – $5,000.
OIA is grateful that BWC recognizes the indispensable role that agents play in advising their clients on their exposures and coverage needs. More information about agent compensation in the Other States Program can be found here.