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.
The premium-saving employers always:
- Have a current copy of their Workers Comp loss run. Having online access is the best and up-to-date way to track your reserves. Paper loss runs are satisfactory. Monitoring any changes in your company’s reserves can avoid a premium disaster in the future.
- Have the most current copy of their company’s NCCI or Rating Bureau sheets. Rating bureaus may issue many different revised rating sheets during your company’s policy year. Your company needs to know the current status of your E-Mod (X-Mod) at all times. The Mod may not stay the same as the one your company was originally issued before policy renewal. The worst time to find out a Mod has changed is at premium audit.
- Know their policy status. Is your company in or headed into an assigned risk pool? Are there better deals than the policy you are about to renew for another year? Are you changing to a different carrier? Are you expanding into other states?
- Have a copy of the Six Keys to Workers Comp Savings handy. The keys are the same as they were 20 years ago. The keys are still current today. Follow the link for the list. These are proactive tried-and-true ways to reduce your Workers Comp costs on the front-end of an accident.
- Understand the premium audit process. There are many employers receiving very large premium audit bills. The premium audit process has very defined rules in every state that must be followed by the carrier, premium auditor, employer, and rating bureau. Disputing an audit without justification is just as detrimental as writing a premium check without full justification of the amount. There are time limits placed on the carrier and employer on completing the audit process.
Know safety is the crucial element. The least costly accident is the one that never happened in your workplace. Workers Comp claims are called a “loss” for a reason. Post-accident savings are tough at best. The important Schedule Debit/Credits also directly result from your safety regimen.
- Bonus – if you have any questions, make sure your company knows which entity or department to contact. This will save your company a large amount of time and money. Even contacting your agent does not necessarily preserve some of your rights as an insured.
These workers comp premium saving resolutions are a good start to reducing WC costs.
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