Reserve Reduction Plan And The Unistat Date
I wrote last week on the timing and deadline for having your Workers Compensation reserve reduction plan in place. If your company has not begun with the plan, you are throwing away Workers Compensation Dollars.
If your renewal date is January 1, you should by now have obtained your company’s or agency’s Workers Compensation loss runs. If you do not have them, you are already running behind.
Remember, you have until 6/30/11 at 11:59 PM, to reduce your Workers Comp reserves which in turn will reduce your E-Mod. That is your goal – to reduce NEXT YEAR’S E-MOD.
You should have a list of claims that you wish to discuss with your adjuster on the reserve levels. A caveat – KNOWING WHICH CLAIMS to discuss is critical. Discussing the wrong claims may cost your company more $. Please do not ask an adjuster to reduce all your reserves by 15%. That will never happen and ruin the working relationship you have with your adjuster.
If you do not know who your Workers Comp adjuster is, then you are falling way behind. Your loss run should indicate the person that is handling each claim.
As I have said many times in this blog, if you have online access you are way ahead of the game. Having FULL online access to your claims will save you hours and hours of work on your reserve reduction plan as you can see the status and the reserve levels any time you wish to access them.
The last time I posted on this subject, I received a few questions concerning renewal dates other than 1/1 and the corresponding reserve reduction plan timing. Check out my next post.
If you ever feel you are in over your head or that your carrier is not responding to your request, please contact us. Reserve reductions are part of what we do as a company.
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