Frequently Asked Questions

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How is Oyster different?
Our goal is to reduce the headaches that come along with running a business…at least those related to insurance. Everything about Oyster is designed to save you time and hassle when buying insurance and to provide exceptional support to you along the way. Insurance isn’t a transaction for us, it’s a relationship. Get to know us by reading about us.
What is Workers’ Comp?
Workers Compensation insurance is a product designed to protect employees who get injured or harmed while on the job, regardless of who is responsible for the injury and businesses from lawsuits arising from employee injuries. It is required in most states (except…) so it is not optional! Workers Comp insurance also covers wage replacement, medical benefits, death benefits, and more. Please contact us to learn more.
Do I need it?
If you have a business, and your business has employees, then the answer is yes. You need it. In NY and NJ, Workers’ Comp insurance is required for all employers (with a few limited exceptions).

Even if it weren’t required by law, it’s still an important thing to have because it protects your employees and your business from the consequences of work-related injuries—medical bills, lost wages, and more. No one ever plans or wants to actually use their Workers’ Comp insurance, but 100% of the businesses who have needed it were glad they had it. And Oyster’s approach makes it as easy as seafood pie!

What is Pay As You Go?
We believe Pay As You Go is the way to go! With most other insurance companies, your premium is calculated based on your annual payroll as of the day you buy your policy. But then, the minute you hire, fire, or change your payroll in any way, that premium is out of date, and you may overpay or, worse, owe money at the end of the term. Not great.

With Pay As You Go, your premium is calculated EVERY TIME you run your payroll. That way, you always pay exactly what you owe, no matter how your payroll fluctuates over the course of the year. And then, at the end of the year, there’s no worrying about whether you’ve over- or underpaid — you’re all set!

It is also much better for your business’ cash flow, as you’re not paying the whole premium up-front, but rather (wait for it…) paying as you go!

How is the price of my policy calculated?
Every policy is priced based on the nature of the jobs your employees perform, and your payroll. Every employee is assigned a classification based on the level of risk that’s associated with performing that job. So, for example, an office worker has a lower risk classification than a coal miner. The classification is tied to a rate, and the rate is multiplied by the amount of payroll your business pays to each job classification on the policy. That’s generally the majority of the final premium price, but there may also be surcharges mandated by the state you live in, as well as some administrative fees that go into calculating your premium.
How do I file a claim?
We are so sorry to hear it if you need to file a claim, but the process is quite simple AND you have options. You can call us at any time at (888) 701-1896 (seriously…anytime) and we’ll get the process going for you, OR walk through the Report a Claim form on our site and we’ll be in touch within 24 hours. 
How do I make a change to my policy?
If something about your business has changed, such as a new address, addition of a named insured, or something else, give your agent a call. They will be able to endorse your policy and get your information updated quickly.
Do I need to update my policy when I hire or terminate employees?
If you’re a Pay As You Go customer, have no fear. Workers’ Comp premium is based on payroll. Another beauty of Pay As You Go is that everytime you run your payroll, we’ll automatically adjust your policy’s premium to reflect any changes in your payroll.

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Policies are underwritten and issued by member companies and affiliates of Oyster Insurance, LLC. Property & Casualty business is underwritten by Lancer Indemnity Company. Lancer maintains reinsurance coverage with General Reinsurance Corporation, a Berkshire Hathaway company that is rated A++ by A.M. Best.

© 2019 Oyster Insurance, LLC. and © Oyster Insurance Services, LLC. All Rights Reserved.