JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

Records Retention

Facebook
Twitter
LinkedIn

Term Of The Day – Records Retention

The length of time that closed Workers Compensation claims file material should be retained by the insurance carrier, employer, or TPA. Most states have a minimum records retention law such as seven years after the file is closed. I do not recommend ever destroying file material at any time.

Picture of Records Retention Hand Pointing Towards Magnifying Glass with Coins and Check
StockUnlimited

There are a few instances of a State Supreme Court decision or new legislation being passed that changes the Workers Comp playing field. For instance, in North Carolina, all medical treatment cases were allowed to be reopened by the claimant. Employers, insurance carriers and TPA’s were scrambling to recreate the files that were older than 10 years. With the scanning capabilities of today’s computer systems, there is no need to destroy an insurance document of any type.

One can buy a scanner for little to nothing that scan thousands of pages an hour.   Destroying the paper files may be applicable.  Destroying the electronic copies really makes no sense with today’s technologies in place.   You can store or backup hundreds of thousands of pages on a thumbdrive to enhance records retention.

©J&L Risk Management Inc Copyright Notice

Facebook
Twitter
LinkedIn

Related...

James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.