Your Workers Comp Policy – A Different Approach
Read your Workers Comp Policy the opposite way. One of the areas of Workers Comp policies where most of our clients seem to run into problems is the rules and conditions that are in the policy, but not in the Declarations Page. When one of our client sends us their policy, we always read it back to front. The front is the obvious part.
A Workers Comp policy has many rules and regulations that heavily affect areas such as disputing an audit, cancellation, and many other parts just as important as what is in the first few pages. The advice we usually give is to read the policy from back to front, in other words – read the fine print.
Another helpful piece of advice is that not all policies read the same. Each time you switch Workers Comp insurers, the polices can differ greatly after the first few pages. There are state rules that govern the policies. However, the states do not dictate how each policy is to be written in each and every case.
As noted by NCCI(R), Workers Compensation is becoming more expensive per unit of coverage. Knowing what is in your policy is another great cost saver. If you have questions about your policy, email your agent and ask them and/or Google(R) the term.
Reading the policy from back to front may take about an hour. It is an hour well spent.
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