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Workers Comp Premiums Can Be Lowered – But It Takes Time


Workers Comp Premiums Quick Fix Takes Patience

Your Workers Comp premiums -Immediately lower them for your company. This is probably the question that I am asked most often at presentations, conferences, and meetings. 

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There is no “quick fix” for your Workers Comp premiums.  Reducing your company’s premiums takes at least three years of constant effort.  As Workers Comp is more of a delayed system, anything that reduces the reserves will not show up in your premiums until two policy years later.

One of the best ways to reduce your premiums is to institute a new safety program or enhance one that is already in place.  Preventing accidents is the best way to reduce your premiums and will have a long-term effect on premiums.  Almost all states offer assistance in Loss Prevention from educating employees to safety DVDs.  Check with your local Department of Insurance or industrial commission.  You may be surprised by what is offered for free.

Another way to quickly reduce workers comp premiums is to heavily review your Workers Comp premium audits.  We have seen companies just write checks without questioning the premium audits.  If there is something that does not look or feel right, you have the right to have the audit explained to you in detail by the auditor including classification codes, payroll (remuneration), and any other areas of the audit.

Vector Graphic Of Dollars Sign Immediately Lower workers comp premiums Icons

One area that most companies do not attempt to question is their Workers Comp loss runs.  If you are not receiving your loss runs monthly, call your agent, or insurance carrier and ask to receive them monthly.  Most insurance carriers will offer to send them quarterly, but you need to review them monthly for changes in reserves.  Having online access to your claims info is critical.  When shopping for a carrier to renew with, ask that your agent inquire to see if the company she/he recommends has online access to your claims.

Even with all the technology that is in place, there are a few carriers that do not allow access to your claims info.  Having this access may be worth paying a little extra over the lowest-priced carrier.  This will also save your company a large amount of $ if you decide to have a company such as ours review your claims.  Most companies that allow online access will have a place for status updates.  Those are golden as you can review those quickly to have an idea of how the claim is progressing.  If you do not agree with or have questions about the loss runs, you should email (not call) the adjusters that are on the files.

Questioning everything that comes across your desk concerning your Workers Comp policies is always the best thing for reducing your Workers Compensation premiums.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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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