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October 2008

How Do Reserves, Total Incurred, and Paid Affect Your Premiums

The Total Incurred Formula Generates Premium Base The total incurred formula involves three distinct terms.   When I am making a presentation or when I receive email questions about my posts, one of the areas that is often mentioned is the formula on the parts of a Workers Compensation claim.

How To Pay up to 400% More For Your Workers Compensation Insurance

Workers Compensation Insurance Assigned Risk Rates I recently read a great article on the West Virginia Assigned Risk Pool in the Daily Mail. The article was very accurate on how the Assigned Risk Pool works and the increases in premium for being in the Assigned Risk Pool. The article said

Defense Firms Are Going to Pool their Workers Comp

Defense Contractors Working Overseas Workers comp coverage for defense contractors working overseas may shift to a single insurer in the near future under a law recently signed by President Bush. The idea is based on risk pooling as a way to cut costs. I have always been a supporter of

5% Increase Enough for California’s Workers Comp System?

5% Increase To Pure Premium Rate Too Low California Insurance Commissioner Steve Poizner approved a rather anemic 5% increase pure premium rate  for Jan 1, 2009. The California Workers Compensation Insurance Rating Bureau (WCIRB) had recommended a 16% increase. Is this dangerous territory to cut the increase in pure premium

Save Workers Comp Premium Dollars – Most Powerful Question to Ask

Fastest Way To Save Workers Comp Premium Dollars What is the one question to ask to quickly save Workers Comp Premium Dollars?   The strongest question to ask to take control of your Workers Compensation program is “Why?”. One of our old mottoes is “Stop Just Writing Checks” and ask

Standard Exceptions – Which Classification Codes?

NCCI Standard Exceptions Have Certain Class Codes You mentioned the Standard Exceptions question in your last post. What are they and why are they important?  A blog reader emailed this question overnight. We will use NCCI Standard Exception Codes – classifications that are common to many businesses and that are

Interchange Of Labor Rule – Employee’s Payroll Divided

Interchange Of Labor Rule For Workers Comp Payroll With the Interchange of Labor Rule – Can Employee’s Job Duties Be Divided on Workers Comp Payroll Reports? A Question From One Of Our Readers On The Last Post – Are we able to split a job into different duties and keep

Inadvertent Way To Increase Your Workers Comp Premiums

Workers Comp Big Premium Increases – Inadvertent Way To Cause The inadvertent way that for an employer you can increase your Workers Compensation premium. I have seen a situation happen very often in a recession that can cost an employer a large amount of workers comp premium dollars, especially at

Recession Proof Your Workers Comp Policy Using Accurate Payroll

WC Policy Recession Proof Using Accuracy A Question From One of the Blog Readers – How do I recession proof my workers’ comp policy? The easiest way involves the payroll that your company is reporting for your WC policy. If your company has experienced layoffs, reduction of hours, or any

How Will Current Economy Affect My Workers Compensation Premium?

Current Economy May Spawn Hard Insurance Market The current economy may heavily affect the workers comp insurance markets.  We have received this question very often from employers over the last three weeks. We have covered this recently. We thought it was best to cover it again. The Workers Comp market

North Dakota WSI Workers Comp Was Given a Thumbs Up?

North Dakota WSI Denial Review Performed By CPA Firm Recently, I read an article that said North Dakota WSI – their monopolistic WC agency – was audited by a group out of Maine that said only correct denials were issued on all of their Workers Comp claims. -Please note- due

Small Claim Value Does Not Exist in Workers Compensation – Part IV

Part IV – Experience Mod Calculation From A Small Claim A small claim value can end up costing your company dearly. From the last post, the Workers Comp adjuster closed the claim out after 4 years and spending out $1,000. The file was originally reserved at $10,000. The file was

Split Points – There Is No Such Thing As Small Claim – Part III

Split Points – A Small Claim – Part III  Split points represent the line between as the Primary and Excess Loss parts of a claim.  Well, we have covered how a small claim is not really such a tiny claim after all. The one thing that we often see in workers

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