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Workers Comp Consultant or Any Type of Advisor – 10 Hiring Reminders

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Hiring A Workers Comp Consultant – Reminders

Hiring A workers comp consultant or actually any consultant generates quite a few questions.  

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The full list is here. I decided to split up the list into two posts.

  1. Does the consultant also sell the product?
  2. What licenses does the consultant possess?
  3. What designations does the consultant have in their background?
  4. How well does the consultant company pay their bills and handle their credit?
  5. Does the consultant have good and varied references?
When we first started this corporation in 1996, we decided to name it as J&L Insurance Consultants. I did not realize that so many salespeople called themselves consultants. There is an inherent conflict of interest if the person or company that consults on an area in your business also sells the end product. Ask any consultant what products they sell. If it is more than the consulting services, that may be of some concern.
 
Licenses and designations are signposts that assure you that the consultant:
  • Operates with a code of ethics – Every license issued and designation afforded to a consultant requires a set of rules that the consultant must adhere to or they will lose that license of designation.
  • Ensures trust – the designations or licenses give the buyer a place to complain about the consultant’s services.
  • Dedication – shows that the consultant has passed numerous exams.

A very economical way to check to see if a consultant has a good credit rating is by checking to see if they:

  • Have a Dun and Bradstreet number. (Check dnb.com) Almost all companies are required to have one if they bid on a government contract or apply for business credit.
  • Have a good D&B credit rating

If the consultant gives you a list of references,, check to make sure that they companies are ones that do not center around one area. The references should indicate a variety of companies and governmental entities.

 

Hiring a Workers Comp Consultant or any consultant usually causes a great deal of concern.  This is the second of two posts. The first one is located here. I will cover reminders 6 – 10 in this post. The second set of reminders is:

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6. What is included in the consultant’s CV or bio? I am sometimes amazed that potential clients do not read the bios of CV’s of the persons or companies they are considering for a project. A CV or bio should really read like a resume’. CV’s were actually used by only professors and authors many years ago. Are there any gaps in time? The CV or bio should contain everything you would need to know to hire a consultant. If anything looks amiss, ask questions as most consultants love to talk about their companies.
 
7. Does the consultant have a website and how long has the website been in existence? For $5 and 3 – 4 hours work, anyone can build a consultant website. There are many scam consultant websites. There are many websites that will give out info on any website.
 
8. What do other websites say about the consultant? As you may already know, Google ranks websites on the quality of links from other websites. A Google, Yahoo, and Bing search by inputting the consultant or consultant company’s name should bring up some instances of what other websites have to say about your potential consultant.
 
9. Does the consultant actually specialize in this area? In the case of Workers Comp, you and your company do not need the services of a generalist. A specialist will save you time and money in the long run. When dealing with a Workers Compensation budget, a specialist will usually be worth the price over the generalist. Are agents generalists or specialists? That depends on the agent.
 
10. Did you call the consultant? Workers Compensation consultant services can be sold by marketers through phone calls, emails, snail mail, etc. My rule of thumb is that I always want to call the consultant company I am interested in as by that time I am ready to make an informed decision. The internet can produce a ton of research very quickly.
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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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