The top 10 questions #8 that we receive on Workers Comp. I am a West Virginia employer. The open market is here on 7/1/08. Will the open market in West Virginia make any changes to my current policy?
No, everything will actually be the same, except you will have 161 choices for your West Virginia Workers Comp coverage. You no longer have a monopolistic state fund and Brickstreet will not be the sole provider of Workers Comp policies.
One of the areas that you may need a Workers Comp expert is in the area of how your policy is structured. West Virginia changed their Classification Code system from 90 Classification Codes to approximately 600 when the West Virginia Department of Insurance adopted the NCCI Classification Code system on 1/1/06. The system had to be modified, as the prior monopolistic state fund did not have the proper values for NCCI to download. The 100% Classification Code System will be in place for West Virginia employers beginning 1/1/10.
Make sure that you have the proper classification codes for your policies. We assist employers and agents in West Virginia in being properly classified.
Overall, this will be a positive change for WV in the coming months.
Article provided by James J Moore, AIC, MBA, ChFC, ARM. All articles are original content. Check out the full website at www.cutcompcosts.com.