Workers Comp End Of Year Renewal Mistake

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Workers Comp End Of  The Year Renewal Not A Good Idea 

The Workers Comp end of the 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.

Graphic Of Insurance Mark On Calendar Workers Comp End Insurance Renewal
(c) 123rf.com

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.

Businesswoman Workers Comp End Showing Thumbs Up
StockUnlimited

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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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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