Great Workers Comp Move For Employers By Colorado Governor

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Colorado Governor’s Great Workers Comp Move

A great Workers Comp move was made in Colorado recently by the Governor.

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Senate Bill 37 is a measure that begins the process of slowly eliminating a surcharge that Colorado businesses pay on workers compensation premiums. SB 37 was unanimously approved by a House of Representatives panel on Tuesday.  The legislation, which was already approved by the Senate, must be heard by the House Appropriations Committee before advancing to the House floor.

According to the Denver Business Journal, SB 37 would gradually phase out a 2.98 percent surcharge on premiums that companies pay for workers-compensation insurance. The surcharge currently generates about $34 million a year.  That $34 million could be back in the bank accounts of the businesses in a very bad economy.

The fees fund two reserves that are supposed to cover the cost of catastrophic losses from workers compensation claims.  But the program was eliminated 16 years ago and has not accepted a new beneficiary since that time, leaving nearly 700 surviving beneficiaries to draw from the fund.

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According to the Denver Business Journal, “In recent years (including this year), lawmakers have used the reserves as a “slush fund” to cover budgetary shortfalls. Supporters of SB 37 argue it’s wrong to plug budgetary holes on the backs of Colorado businesses.”  I would have to wholeheartedly agree.

I wonder how many other states are tacking on unnecessary Workers Comp fees to the detriment of the states’ businesses.  In our Work Comp Audit reviews, we often see so many fees stacked on to the manual premium. Any the fees charged to employers that can be reduced or eliminated is a great idea.

If you know of any fees such as these, drop me an email and I will bring it up in a future blog post.  I will likely have two or three more posts on this subject.

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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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