Final Workers Comp Answer For Two Prior Related Articles

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The Final Workers Comp Answer = 6 months after policy expiration

This is the Final Workers Comp answer for when a policy expires.  Last week and yesterday I posted on the importance of June 30th if your Workers Comp policy expires on 12/31 or 1/1. Why is June 30th important for those policies and what date is very important for your Worker Compensation policies?

Woman final workers comp answer thinking
Wikimedia Commons – Xuan Zheng

The Workers Comp Experience Rating Cycle is a double-delayed cycle. One main aspect of the delay is that all of the rating bureaus allow six months for the insurance carrier to change the reserves on your loss run.

When agents and claims staff want to do reviews right before your policy expires, they are seriously wasting your time.

Six months after your policy expires is when the Total Incurred (Paid + Reserves) from the Workers Compensation loss runs are calculated for your E-Mod/X-Mod. However, you cannot wait until two weeks before the six month period ends to start working on this project.

You must have a schedule to follow that starts much earlier. It does take some time to review your claim loss runs and then negotiate any type of reserve reductions or file closings.

We have devised our own loss run review schedule for each of our clients.

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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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