Your agent or insurance carrier will be wasting your time for renewing policy. We have found that 60-70% of all Workers Compensation policies renew on January 1st of each year. That figure matches our client list percentages. We hear from some of our client that the agent and or carrier have set up a claims review meeting to make sure the reserves are correct for the coming policy year.
The service provided is not being questioned in this article. The timing of the service is what an employer needs to take heed over December claims review meetings if the employer’s policy ends in December.
If your company is in this situation, you may want to cancel the meeting under this circumstance. Your reserves on the loss runs have nothing to do with what your Experience Modification Factor (E-Mod or X-Mod) will be for the coming year. Your E-Mod or X-Mod has very likely been in place for months.
Feel free to email us with your Workers Compensation policy dates. We will email back the date that your E-Mod or X-Mod has been set in stone. This is a free service. We will charge nothing for it.
Article provided by James J Moore, AIC, MBA, ChFC, ARM. All articles are original content. Check out the full website at www.cutcompcosts.com.