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Workers Comp Premiums – Most Common Error Found

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Workers Comp Premiums Most Common Error

The most common error in Workers Comp premiums and policies is one that I had to think over for a few days as there are so many. We are asked this question very often.

Vector Graphic Money Sack Most Common Error With workers comp premiums Coins Outside
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For quite some time there were so many answers that I could not actually give one answer. After reviewing hundreds of Work Comp policies and using statistics to quantify the errors, there is one that stands out as an obvious error.

The error we see most often is – you are going to have to contact us by email.

Check out our website at Contact Us  Tab above for the email contact info. If you email us, we will answer the question by return email. You will have answered the question just by emailing us. That may sound odd, but it is true.

Thanks for contacting us about this very common workers comp premiums error.   Update – this is an older article.  You can now find the answer to this question by searching in the top right box of any page.   Searching for the most common error or just error will list out a group of articles.   

Thanks for reading this article and the other ones on this website. 

Additional Update – The Most Common Work Comp premiums error is two-fold:

  • Premium Audit – This one not only falls on the shoulders of the premium auditor.  We often see insureds that have provided the wrong data to the audit such as not providing certificates of insurance for contractors or not using QuickBooks or their accounting packages properly to track employee payroll.   The main premium auditor error we see is an auditor that is rushed to finish an audit. 
  • Reserving – Reserving becomes negotiable the day the claims adjuster increases the Total Incurred on a file.   As with the premium auditors, the claims adjusters are usually time-stressed which causes them to miss something (subrogation) or  overlooking a positive file development 

The successful lower E-Mod employers are always looks for ways to lower their comp premiums. 

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Table of Contents

James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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