Workers Comp Policy Info Retention Recommendation

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Workers Comp Policy Info Should Be Kept Very Handy

The Workers Comp policy info referenced includes:

The aforementioned list of information should be retained for at least five years if not longer.   These records should be accessible very quickly by the appropriate staff.  

picture of signpost workers comp policy info idrections
Deepashree S – Wikimedia

Why?   

If you decide to call in a consultant – the more records you have kept, the process will be easier  and probably less expensive.

Policies

Your company will need your workers comp policy info for:

The policy endorsements should be kept along with each respective policy year.   Endorsements can heavily modify your original policy

Loss Runs

A current loss run that cover the last four to five years seems great  but not always.   The loss runs that were produced each year enables workers comp consultants to better understand the flow of the reserves.   Not all of our competitors examine the loss runs levels as they change during the year.  

Premium Audits

Hand Gesture Workers Comp Medical Networks Audit Icon
StockUnlimited

Premium audits provide the closing figures for each policy year.   No matter what the policy indicates, the workers comp premium audit shows what final premium figures the insurance carrier charged for that respective year.   If your company decides to dispute an audit, the more info retained on the past and current premium audit, the better you can follow what the premium auditor did each year. 

Rating Bureau Worksheets

The rating bureau sheets indicate not only the Experience Mod, but what total incurred numbers were charged to the policy.   The sheets can be invaluable for comparing total incurred numbers to the loss runs.   A word of caution – experienced Workers Comp consultants may be your best bet for these comparisons.   The comparison can be a complicated task where the numbers may not match as expected.  

The overall records retention information can be found in the link to this article.    Overall records retention should be longer with the cheap and easy storage costs provided by just a USB thumbdrive with a password.  

©J&L Risk Management Inc Copyright Notice

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Table of Contents

Related...

James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.