Compensation Disclosure Notice
Granite/E-COMP's Business Practices
Granite/E-COMP does business with multiple insurance companies and normally can offer you a variety of options. As a result, we can assist you in securing the combination of coverage, price, and service that best fit your needs. Compensation is paid by the insurance company for our services. This disclosure notice is intended to identify the various methods by which we are compensated and how these compensation methods are determined.
Granite/E-COMP does charge a small Administration Fees in order to enter into E-COMP’s pay-as-you-go program. The annual administration fee partially covers the billing costs associated with a payroll billed policy, including payroll file management, audit management and assistance, payroll integrations and payroll files, billing questions, billing each policy holder every payroll period, policy processing and servicing, and payment remittances every payroll period.
We are compensated on a commission basis by the insurance company that writes your insurance. This commission percentage is set by the company, not by us, and is included as a part of the insurance premium you pay.
Granite/E-COMP may also be eligible to receive various forms of incentive compensation, including contingent commissions and other awards and bonuses. This incentive compensation is based upon a variety of factors that may include the volume, growth, profitability, and retention of business we place or other performance measures established by the individual insurance companies with whom we do business. It is virtually impossible to know at the time we place any individual policy whether that policy will contribute to, or detract from, our potential eligibility for future additional compensation from any insurer.
We assure every client and every prospective client that our decisions with respect to placement of your insurance have always been guided by the best interests of our clients.
If you have any questions or if you would like additional information about any aspect of the compensation we earn, please contact your client service representative.