Workers Comp Resolutions – 2016 Version
The updated resolutions from the 2014 article were:
Having online claims access is the best and up-to-date way to track your reserves and claim payments.
- Have the most current copy of your company’s NCCI or Rating Bureau sheets. Nothing should ever happen to your rating information without your knowledge. As with #1, it is now 2016, so relying on paper just does not cut it any longer.
- Know your policy status. You cannot improve your current situation if you do not know which direction you are headed with your policy.
- Have a copy of the Five Keys to Workers Comp Savings handy.
- Understand the premium audit process. Your policy year is not over until the final premium audit bill is received from the carrier.
- Know that safety is the crucial element. The important Schedule Debit/Credits also directly result from your safety regimen. Many companies have seen short-term budget reductions by reducing/removing their safety staff. This will cost many of those companies in the long run.
- Bonus – building a Workers Comp contact sheet with email addresses. Your agent and claims adjuster(s) should be on the top of this list.
- Explore all options such as captives, large deductible, opt-out, etc. Your company can do this research online if you know where to find the applicable information- added for 2016. Use search engines such as Google and Bing for the research.
I will try to add in a list for self insureds tomorrow.
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