July 2008

California Workers Comp Policies Have Disadvantage

California Workers Comp Policies Have Built in Disadvantage California Workers Comp policies have a built-in disadvantage when compared to other states. California has changed their rating rules quite often over the last few years. After attending many of the WCIRB conferences, I noticed that the CA rules for rating Workers

Short Rate Workers Comp Policy – Problems Many Employers Face

Short Rate Workers Comp Policies The Short Rate Policy or Short Term Cancellation is when an employer and/or their agent makes the decision to cancel a policy before the renewal date. There are many problems with Short Rate Policies including: The ominous Short Rate Penalty – This penalty can be

Assigned Risk Pool Can Be Avoided With Few Techniques

Assigned Risk Pool – Getting Out Of It Is Possible The Assigned Risk Pool makes an alternate decision very difficult. The easiest method to remove your company from the Voluntary Risk Market and place your Workers Comp coverage in the general marketplace is to reduce your Experience Modification Factor. Your

Assigned Risk Plan Definition – Also Called The Risk Pool

Assigned Risk Plan Explanation – Necessary And Expensive An Assigned Risk Plan is frequently  called the Pool.   The Assigned Risk Plan is a mechanism established by individual states to make sure that employers can obtain WC insurance even if insurance companies are not willing to write such insurance on a

Workers Comp Classification Codes – Great Blog Reader Question

Question on Workers Comp Classification Codes In one of your earlier blogs, you talk about Workers Comp Classification Codes and how they describe the jobs that are performed in a business. Why do my Classification Codes seem to be different from what my business actually does, and why are they not

Audit Bill Handling and Response – Question From Blog Reader

Workers Comp Audit Bill  – Readers Question The Blog readers question about handling a WC \audit bill. We received a huge bill from our Workers Compensation Yearly Payroll Audit. We cannot afford to pay it. What do we do? We do not want to lose our Workers Comp coverage. I

Payroll Audits Preparation In Workers Compensation – Readers Question

Workers Comp Payroll Audits Preparation Made Easier Payroll audits can be stressful. I just received notice that the insurance company auditor is coming in to audit my company’s Workers Comp information. How do I prepare for the audit? What information do I have to provide them? According to your insurance policy,

Readers Question on What To Do With Premium Audit Bill

What To Do (Not) – WC Audit Bill Workers Comp – what not to do with the premium audit bill. I received my Workers’ Comp payroll audit results. The auditor says that I owe $67,587 more than I originally paid for my policy. We are a small company and that

Can California’s WC Judicial System Go Paperless Without Crashing System

CA Workers Comp Judicial System = Paperless  Will California’s Workers Comp judicial system go paperless?  Is the update/upgrade going to be the funds and time invested?  One of the goals of many Workers Comp carriers and TPA’s is to be totally paperless.  Being totally paperless may not solve as many

Free Market System Increases Claims Experience Level

Workers Comp Free Market System Is Best  One big advantage of the free market system for Workers Comp is the experience level of the providers. The following comment is from a recent meeting sponsored by the state of North Dakota on looking into switching from a monopolistic state fund. I

Overcharged – Another Way To Know If It Has Happened To Your Company

Your Workers Comp Premiums Overcharged Another way to know you been overcharged on your Workers Comp Premiums. The following is a prime example of a Monopolistic Workers Comp State Fund not providing the proper service to their insureds. If a carrier or fund of any type is mailing out or

Monopolistic Funds and Their Problems Back In News

Workers Comp Monopolistic Funds Why do states create monopolistic funds? As I posted yesterday, there are quite a few state-created Workers Comp funds that are having many troubles. The reason for these problems might be the softening of the Workers Comp market. I think there are many problems with state-created funds

My Insurance Designations Listed and What They Mean

My Insurance Designations – What Are They? Insurance designations can be very helpful in building a thorough knowledge of the insurance process.   One of the questions that I often receive at Workers Comp presentations is, “what are the initials at the end of my name, and what do they mean?”

Oklahoma State Fund Loses Ground To Private Insurers

Workers Comp Oklahoma State Fund Shrinks  The Oklahoma state fund  also known as CompSource has lost more market-share.  loses ground in . As I am originally from Oklahoma, news from the state on Workers Comp is of high interest to me. In this case, CompSource Oklahoma, the state-created workers’ compensation

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