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January 2013

Five Things You Must Do If You Have Workers Comp Career

Five Ways To Survive Your Workers Comp Career Your Workers Comp career changes every year.  Interestingly enough, last week when I included the Five Ways To Prepare For The Death Of Workers Comp in the newsletter, more attention was paid than when I originally wrote the article in 2010.  One

Premium Auditor Asked Employer To Sign Audit Agreement

Audit Agreement – Premium Auditor Asked Employer To Sign Off ??? The Audit agreement form has been a rather controversial topic.  This question was emailed in earlier this week.  We had our yearly Workers Comp premium audit last week.  The insurance company’s auditor actually worked for a premium audit company

Are Workers Comp Premiums Just Another Type of Tax?

Workers Comp Premiums – Type of Tax Yes, Workers Comp premiums could be thought of as a tax of sorts.   The similarities between taxes and Workers Compensation were spelled out in a previous article. Unemployment insurance (UI), which can be viewed as a tax, is even more similar.  

Assigned Risk Plans – Blocked By Premium Bill Dispute

Assigned Risk Plans and Premium Bill Dispute Some assigned risk plans may become quite complicated as in the case of a reader that found themselves in a quandary. A Tennessee reader of our blog that found us in a Google search asked this question.   We are about to renew

California Employer Question On Experience Modification Factor (XMod)

California Employer Question A California employer emailed in this question last weekend.  “We are a medium-sized employer (dry cleaner) in central California.   Our Experience Modification Factor increased significantly over the last few years.  The increase seems to have resulted in our Workers Comp premiums rising  significantly.   What is

NCCI – Massive New Study On Long Term Claims

Massive New Study On Long Term Claims NCCI has recently published what I would refer to as a very hybrid study of the long term medical costs on Workers Comp claims.  Claims data is usually examined by NCCI, the WCIRB (CA Rating Bureau), and other rating bureaus with a corresponding

IRS Assists in Subcontractor vs Employee Determination

Subcontractor vs Employee Determination Determining whether someone that assists your company is an employee or subcontractor can be tedious as best. There are many articles in this blog that cover subcontractors including the Ladder of Insurance (c). The Internal Revenue Service has a great series of videos for small business

Five Ways ObamaCare and Workers Comp Are Similar

Five Ways ObamaCare Could be ObamaComp(c) The five ways Obamacare and Workers Comp are similar may come as a shocker.  The Wall Street Journal very recently published an article on how the Affordable Care Act will affect health insurance premiums.   There seemed to be a few items in the Act that sounded

Seven Premium Audit Resolutions For Smooth Premium Audit

Seven Premium Audit Resolutions The seven premium audit resolutions to reduce stress are below. As the premium audit season rolls around every year, I usually post quite a few articles on the subject.   The reason that this time of the year is called premium audit season is that most

Experience Mod Reduction Plans – Are They Really Worth It?

Experience Mod Reduction Plans Can Be Preservation Plans The Experience Mod Reduction Plans –  are they really worth it ?  Yesterday, I was presented with two different employers’ loss runs and  Experience Modification Factor Worksheets (Mod Sheets).  One employer had a good E-Mod of .86.  The other employer had an

Premium Audit Bill and Policy Renewal Conondrum

Changing Carriers Due To Premium Audit Bill Can Be Costly Our Workers Comp premium audit bill surprisingly increased our premium by 26%.  We do not necessarily agree with the audit and want to change insurance carriers.    Due to the timing of the audit, we are already two months into our next

Self Insureds – Stop This Costly Hidden Workers Comp Mistake

Self Insureds Need To Consider Their Reinsurance Purchase One of the most costly mistakes with Workers Comp self insureds is not putting enough effort into searching for and securing reinsurance, also known as excess insurance.   Self Insureds letting the Third Party Administrator (TPA) shop and choose the reinsurance may not

Opioids – Oxycodone and Hyrocodone Gain In Popularity

Generic Opioids Gain In Popularity- Oxycodone Opioids have been on the Workers Comp radar screen over the past few years due to their abuse and dependency by injured workers.  Hydrocodone (Vicodin) seemed to be the most popular according to the pharmacists that were contacted in 2011 and early 2012. Vicodin is

Workers Comp Self Insureds – Five New Years Resolutions

Workers Comp Self Insureds – Great Way To Start The Work Comp New Year Five new years resolutions for Workers Comp Self Insureds are listed below.  .When talking about Workers Comp premiums, self insureds are often left out in the cold.  Self insureds do not pay premiums for Workers Comp.

Six Workers Comp Premium Saving Resolutions

 Workers Comp Premium Saving Resolutions Workers Comp Premium saving resolutions are always a great way to start the New Year.  There are six easy workers comp premium saving resolutions below.  These will work for companies of all sizes.  Six Workers Comp Resolutions for Self Insureds will be covered next time.  



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