Workers Comp and June 30th Critical Relationship
I had posted the question last week on why June 30th is such an important day in the Workers Comp insurance cycle. The answer has two parts. Thanks for all the email inquiries everyone sent in last week.
The largest percentage of Workers Compensation policies renew on January 1st of each year. June 30th is six months after that date. What happens in the six months after your last policy expires? If you do not know, you need to mark the date on your business calendar. Less than 1% of the companies we have as clients knew the importance of that six-month period.
Check out my next post for the final answer. Not give to much away – but the date is the Unit Statistical date. This is of those under-the-radar terms that employers need to discover as much as possible on this critical date and its functions. Understanding that date helps in understanding the Workers Compensation rating cycle by the rate bureaus.
June 30th at 11:59 pm is the drop dead date and time to peg your claims to your Experience Modification Factor. Your starting policy date has little to do with your E-Mod.
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