Workers Comp End Of Year Renewal Not A Good Idea
The Workers Comp end of year renewal can be viewed as a mistake. Most Workers Comp insurance policies renew on January 1st. If your company’s policy renews on January 1st, you are likely committing one of the cardinal sins of Workers Compensation. This may seem like a small mistake. This small mistake can cost your company dearly. I have posted about this mistake in previous posts.
Agents drive virtually all of the Workers Comp insurance
market. With almost 40% of the policies renewing on January 1st, your policy is one in the very large pile that has to be renewed every year. Agents will give your company the best shot it can, but your policy will get much more attention given to it if you can change the renewal date to say February 25th or any other date that will allow your company’s Workers Comp (or other insurance policies) to receive a higher level of attention.
Another date that is very crowded in the Workers Comp insurance marketplace is July 1st. This is when a large % of the governmental entities renew their Workers Comp policies. This date is not as busy as renewing on January 1st. However, governmental entities usually have very large polices that can divert attention from your policies by the agents.
I am not saying that agents will ignore or not give your Workers Comp policy the attention that it deserves overall. Your company can do your agent a favor by asking for another renewal date. This may result in a short term policy or adding a few weeks onto your renewal policy.
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