Diamond Insurance Company: Basic Information, Services & Products, Finacial Details, Claims

If you are looking for a reliable and reputable insurance provider, you might have come across Diamond Insurance Company.

Diamond Insurance is a distinctive insurance carrier that specializes in workers’ compensation coverage for the healthcare industry.

But what else do you need to know about this company before you decide to buy a policy from them?

In this article, we will give you a comprehensive review of Diamond Insurance Company, covering everything from their basic information to their customer experiences.

We will also provide you with some tips and resources to help you make an informed decision.

Diamond Insurance CompanyCourtesy:Diamond Insurance Group
Diamond Insurance Company
Courtesy:Diamond Insurance Group

Basic Information

Let’s start with the basic information about Diamond Insurance Company.

Here are some of the essential details you need to know:

Category Information
Phone Number (847) 230-1331
Address 1900 E Golf Rd Ste 1275, Schaumburg, IL, 60173
Customer Service – Email: customerservice@diamondwc.com
– Fax: (847) 230-1332
Policy Details – Policy information available on their website
– Request a quote online or through an agent
Email Address – General inquiries: info@diamondwc.com
– Claim-related questions: claims@diamondwc.com
Fax Number (847) 230-1332
Operating Hours – Monday to Friday
– 8:00 AM to 5:00 PM Central Time

Services & Products

Diamond Insurance Company offers workers’ compensation insurance for the healthcare industry.

This means that they cover employees who work in various healthcare settings, such as hospitals, clinics, nursing homes, home health agencies, and more.

They also offer coverage for allied health professionals, such as physical therapists, occupational therapists, speech therapists, and more.

Some of the services and products they offer include:

  • Types of Insurance Offered: They offer workers’ compensation insurance for both employers and employees. They also offer excess liability insurance for employers who need additional coverage beyond their primary policy limits.
  • Special Packages or Bundled Services: They offer customized solutions for different types of healthcare organizations, such as medical groups, long-term care facilities, home health agencies, and more. They also offer risk management services, such as loss prevention consultations, safety training programs, and online resources.
  • International Coverage: They do not offer international coverage at this time. They only operate in the United States.
  • Temporary or Short-Term Policies: They do not offer temporary or short-term policies at this time. They only offer annual policies that can be renewed or canceled according to their terms and conditions.

Financial Details

One of the most important factors to consider when choosing an insurance provider is their financial strength and stability.

You want to make sure that they have enough resources to pay your claims and provide you with quality service.

Here are some of the financial details about Diamond Insurance Company:

  • Premium Costs: The premium costs vary depending on several factors, such as the type of business, the number of employees, the payroll amount, the loss history, the location, and more. You can get a personalized quote by contacting them directly or through an agent.
  • Payment Options: They offer flexible payment options for their customers. You can choose to pay your premium monthly, quarterly, semi-annually, or annually. You can also pay by check, credit card, or electronic funds transfer (EFT).
  • Discounts and Promotional Offers: They offer discounts and promotional offers for customers who meet certain criteria, such as having a good safety record, implementing a drug-free workplace program, participating in their risk management services, and more. You can ask them about their current discounts and offers when you request a quote or renew your policy.
  • Claim Payout Ratio: The claim payout ratio is the percentage of premium income that an insurance company pays out in claims. A higher ratio means that they pay more claims than they collect in premiums. A lower ratio means that they collect more premiums than they pay in claims. A good claim payout ratio is usually between 60% and 80%. According to their latest annual report, Diamond Insurance Company had a claim payout ratio of 72% in 2022.


Another important factor to consider when choosing an insurance provider is their claim process and service.

You want to make sure that they handle your claims efficiently and fairly.

Here are some of the details about Diamond Insurance Company’s claim process and service:

  • Claim Process: You can file a claim online, by phone, by email, or by fax. You need to report your claim as soon as possible after an injury occurs. You also need to provide them with all the required documents and information, such as the employee’s name, date of birth, social security number, date of injury, description of injury, medical records, and more. They will assign a claim adjuster to your case who will contact you and guide you through the process. They will also communicate with your employee, your medical provider, and any other parties involved in the claim.

Coverage Details

The coverage details are the specific terms and conditions that define what is covered and what is not covered by your policy.

You need to read and understand your policy carefully before you buy it or file a claim.

Here are some of the coverage details about Diamond Insurance Company’s workers’ compensation policy:

  • Policy Exclusions: Policy exclusions are the situations or events that are not covered by your policy. Some of the common policy exclusions for workers’ compensation insurance are:
    • Injuries that are intentionally self-inflicted or caused by the employee’s willful misconduct or violation of company rules.
    • Injuries that are caused by the employee’s intoxication or use of illegal drugs.
    • Injuries that are caused by war, terrorism, riot, or civil commotion.
    • Injuries that are caused by acts of God, such as earthquakes, floods, hurricanes, etc.
    • Injuries that occur outside of the scope or course of employment, such as commuting to or from work, personal errands, recreational activities, etc.

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