Another Premiums Question From One of Our Blog Readers

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Our Blog Readers Questions on Premiums

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We received a few questions from our article readers on Workers Comp premium. What is the one thing that I can do to quickly reduce my Workers Comp premiums?

I wish there was a quick-fix for paying less Workers Compensation premiums. There is a one-year lag time between anything a company does today and those actions affecting the E-Mod. Taking actions today is a start, but it needs to be a long-term goal. An action plan has to be put in place ASAP and then followed for three years to really have an effect on the E-Mod.

As I have mentioned in prior blogs, the first thing to do is to quit writing Workers Comp premiums checks without understanding the premium bill. If it is a bill from the initial policy, then review every page of the policy and ask questions.

If the premium bill is from a Workers Comp audit, then make sure it is accurate. If there are any questions about the Workers Comp policy or audit, there is a time limitation for disputing the premium bill. Most of our initial contacts from employers are due to “Something just does not seem right – a gut feeling.”

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The bottom line is to not just write a check and consider it an overhead or fixed cost. Workers Comp is a variable cost. One of our favorite sayings is “Stop writing checks and ask questions.” If you do not feel comfortable, do not hesitate to bring in a premium, reserve, or claims expert. It will almost always prove to be money very well spent.

I blogged “Red Flags That You May be Overpaying for Workers Comp” a few weeks ago. Check that one out. If you ever have any questions, please feel free to email me at [email protected] or call us.

Up Next – Back to North Dakota’s Workers Comp Conundrum

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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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