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March 2012

Premium Audits And Short Rate Penalty – continued

Premium Audits And The Short Rate Penalty In my last post, I covered the predicament some employers can be in when they want to switch insurance companies due to their premium audit sticker shock. The main consideration is the short rate penalty. The premium audit has just been completed so

Premium Audits And Short Rate Penalty Workers Comp Extreme Premium Charge

The Short Rate Penalty And Premium Audits The short rate penalty is one of the most severe penalties that your company can receive in Workers Compensation.  With a short rate penalty, workers comp carriers accelerate the premiums on a policy beyond a pro rata share of the total annual premium. 

Premium Audit Offer Warning To Employers – Not Before Carrier Audit

Offer Warning –  Premium Audit Before Carrier Audits Policy  A certain type of premium audit offer warning for our blog readers was required after two phone calls received on this illegal type of offer this week.  As I have discussed many types; and as you will see in the heading

Liberty Mutual Creates Their Own Massive Workers Comp Model

Liberty Mutual’s Massive Workers Comp Model A Massive Workers Comp predictive model was recently generated by Liberty Mutual for their internal uses. A video about the database was very informative. I am sure Liberty invested a large amount of time and effort in constructing the model. According to the manager

Five Tests for Jurisdiction WALSH Revisited – Which State Applies

State Jurisdiction WALSH Revisited The revisited test of jurisdiction WALSH consists of five tests.  I was just reading a news flash on a Workers Comp decision by the Massachusetts Supreme Court. If I am reading it properly, an employee who was injured 23 years ago is now able to claim

Workers Comp Classification Codes vs Employee Classifications

Employee Classifications vs WC Classification Codes The Employee Classifications and WC classification codes are entirely different.  I had written about this subject late last year. I receive a few questions every time the online press starts publishing articles warning employers concerning classifications. There is a big difference in these two very

Payroll Audit and a Premium Audit – What Is The Difference?

Payroll Audit and A Premium Audit – Differences (Not) Is a Payroll Audit and  a Premium Audit different?  I usually receive this question approximately once per month by email. I thought I would address the differences between a payroll and premium audit. Actually, there are no differences between the two

Workers Compensation Coverage Verification Websites – Are They Worth It?

WC Coverage Verification Websites = Not Found In Some Cases The coverage verification websites for Workers Compensation turned out to be disappointing.  I received a WCIRB (Workers Comp rating organization for California) announcing that as of March 1, 2012 all coverage for Workers Compensation for the last five years was available.

Workers Compensation And National Insurance Crime Bureau

The National Insurance Crime Bureau I had not heard of the National Insurance Crime Bureau (NICB) until last week. The organization functions as a repository for questionable claims. The organization seems to be somewhat similar to the Index Bureau. This is from the NICB’s website – The National Insurance Crime

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