August 2012

Work Comp Fee Schedules – Savings Do Not Stop There

The Savings Do Not Stop With Work Comp Fee Schedules The Work Comp Fee Schedules have always been a way to cut comp costs.  the savings do not stop there.NCCI had lowered the loss costs or advisory rates for Illinois and Tennessee. The reductions were due to both states enacting

Our Premium Audit Bill Just Arrived And I Have Questions About It

Our Premium Audit Bill Caused Questions  Our premium audit bill just arrived. I have questions on how our final bill was calculated and how our Workers Comp policy was written. How do I know if my gut feeling is correct? I received the above question on Saturday. If you have

NCCI Split Point Debate – Which Employers Will Take the Hit?

NCCI Split Point Debate – Employers End Up Taking The Hit The Split Point Debate points to employers taking the hit.  I had an interesting question earlier this week on the upcoming NCCI Split Point changes. Over the last few weeks, I have received quite a few emails on how

How Is My E-Mod or X-Mod Calculated By NCCI or WCIRB?

How Is the E-Mod or X-Mod Calculated? My E-Mod or X-Mod how it is calculated? X-Mod / E-Mod questions are becoming the most popular questions that I receive in person or by email. The new E-Mod rules published by NCCI have quite a few companies concerned over whether they will

What Is An Acceptable E-Mod (X-Mod) For My Company?

An Acceptable E-Mod (X-Mod) Usually 1.0  The question is what is an Acceptable E-Mod (X-Mod). The level of questions on XMods/EMods usually increases this time of year. The largest percentage of policies renew on January 1. The rating bureaus such as NCCI usually begin to promulgate and report the E-Mods

Workers Comp Premium Checks -Just Stop Writing – Five Ways

Five Ways – Check Before Writing Workers Comp Premium Checks Stop just writing Premium Checks for Workers Comp was the first motto that J&L had used when we started over 17 years ago. Yesterday, I had two conversations on Workers Comp costs. One was with a risk management adviser and

Six Easy Ways To Handle Insurance Mail And Claims

Six Easy Ways To Handle Insurance Incoming Mail and Claims Communications How to Handle Insurance mail and claims comes with six easy steps.   Workers Comp premium audit and other insurance mail along with claims info handling can be a daunting task for an owner. In my last post, I

Insurance Mail Heartburn Starts With Workers Compensation

Insurance Mail Heartburn Including Workers Comp Info The other insurance mail and Workers Comp heartburn  can be fixed with a few internal office adjustments.  Premium audit and other mail from your current or prior insurance carriers can cause you to get out the bottle of antacids. Workers Compensation mail seems

Why Did Classification Codes Change On My Workers Comp Policy?

Why Did Our Classification Codes Change So Abruptly? Why did the classification codes change on my Work Comp policy? I received this Class Code question last week. With NCCI changing so many classification codes, I thought this would be a good area to cover this week. Since 2006 the NCCI

Safety Statistics Shows Failure of Basic Risk Management

Basic Risk Management Failure Shown By Safety Statistics A recent Safety Statistics article was not kind to basic risk management.  I was reading through a large amount of workers comp publications over the weekend. I came across what to me were astounding statistics on safety and risk management. The survey

Outstanding Reserves Are Key to Comp Cost Reduction

The Outstanding Reserves Are The Key Outstanding reserves can make or break any company’s Workers Comp budget. I received two questions this week on the three parts of what is considered Total Incurred. Total Incurred is reported by your insurance carrier to the respective rating bureaus. The basic formula is Total

Loss Cost Multipliers Definition – Real Deal On Insurance Premiums

The Real Deal – Loss Cost Multipliers Definition The Loss Cost Multipliers definition (LCM‘s) is one of those “under the radar” concepts in Workers Comp. I had decided to comment on LCM’s as they are very important to your Workers Comp budget.  The LCM allows the insurance carriers to charge

Classification By Analogy – When No Class Code Describes Your Business

When No Code Fits – Classification By Analogy The term Classification by Analogy generates many questions on how companies are rated  by the rating bureaus such as NCCI and the WCIRB.  One of the most confusing terms associated with classification codes is the classification by analogy. This is especially true if

Temporary Disability Period Shows Signs of Impending Disaster

Temporary Disability Period Shows Signs Of A Crisis The Temporary Disability period showed signs of deterioration of the return to work function.   I was supposed to post on premium audits and classification by analogy. I then read a report from the NCCI that was astounding to me. I will

Workers Comp Audits Change As Your Company Grows

Company Growth = Workers Comp Audits Change As your company grows the Work Comp  audits will change.Workers compensation audits for very small companies are usually self-audit situations. Each state has a minimum level of premium that requires the insurance carrier to do an on-site audit.  One of the most common

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