2019 Workers Comp Resolutions – Did You Keep Yours From 2018?
Your 2019 Workers Comp Resolutions likely consist of redoing your 2018 resolutions. Yes, it is that time of year to examine your old resolutions and add on a few more.
A resolutions article has appeared in the Cutcompcosts.com articles since 2010. A self insured article on resolutions will be published next week. Keeping the two (voluntary market vs. self insured) separate remains the best method to go over each year’s resolutions.
I very heavily recommend that you follow this link to the 2018 resolutions. The article is very well worth reading again or for the first time. How to accomplish each task is enumerated in that article. I would love to republish it here bu Google, Bing, and the other search engines penalize duplicate content.
2019 Workers Comp Resolutions = Voluntary Market 2018 Resolutions
Top 10 + 3 Bonus
The 2019 Workers Comp resolutions are not going to change that much for this year from 2018. I decided to list each resolution again. Check out the italicized words for any addition to the 2018 resolutions.
The 2019 workers comp resolutions are almost the same as 2018. If you completed all these congrats – if not – see the resolutions again below. Also, I have added some comments on a few of the Top 13 that wrecked Mods for some of our new clients. That is why they called or emailed us for assistance.
From last year, the Top 13 are:
- Understanding the mechanics of the WC process – from the start of the policy renewal until final premium audit – read everything that has to do with the policy. Most of the process is laid out in the policy. A highlighter is your best tool. <<<Did you read your workers comp policy last year – if not, get out the highlighter or delegate the task if you do not have the time to someone that can report any questions or concerns back to you.
- Following the Six Keys to Workers Comp Savings – the prior link has all of them. I have studied what cost employers premiums and not doing the Six Keys causes premiums to spike. The spike may not occur this year or the next, but not doing them will cause your premiums to increase eventually. The Keys have not changed since 1988 except that I added two additional keys in the 1990s.
- Knowing where every dollar is going when you write a premium check – Old Motto – Stop Just Writing Checks
- Having your Workers Comp Rating Bureau Experience Mod Worksheets at your fingertips – can often change in one year. <<Did your Workers Comp Mod increase significantly? If so, you need to find out why pronto. Why? – Because of any claim or claims that increased your Mod is likely going to hang around for three years. You cannot look at it like an aberration or just “one bad year.” Experience Mods do not work that way. If you had a bad claim last year or a number of claims, the Mod system is designed as a delayed system. Your Mod may jump significantly the second year after a bad claims year, not the first.
- Retaining your WC info permanently – electronic media is the easy way to go – scans are best
- Knowing the adjusters that work on your files beyond just a name.
- Letting the Adjuster know that you follow the Six Keys in #2 above. <<Adjuster communication to and from the insureds fixes so many of the Workers Comp problems. J&L often fixes problems by just communicating (talking shop) with the adjuster(s).
- Relating to #1 – Understanding your Unit Statistical Date to not waste time at end of the year.
- Not renewing policies on January 1st or July 1st.
- Reading the newsletter that J&L provides almost every week. You may sign up at the top right of this page.
- Bonus – having a working relationship with your agent, not just at renewal.
- Another Bonus – take any class or attend any meeting or seminar that your insurance carrier offers to you.<<Most of these carrier seminars are free if you are a policyholder with the carrier.
- Last Bonus – Safety is the key to staying out of the Work Comp system. <<<The mother of all ways to save on Workers Compensation premiums. Keeping an accident from happening cannot be written anywhere on a balance sheet or P&L statement. However, an Experience Modification factor of less than 1.0 DOES APPEAR on a P&L statement under Insurance Premiums Paid for 2019.
I am only going to add one to the list for the 2019 Workers Comp Resolutions compared to 2018.
- If you have any questions, use the search capabilities on this blog. Almost any workers comp term has been covered in the 1,800 articles on this blog. If you cannot find an answer, email me at [email protected] No sales pitches.
- Be careful of Googling your answer from anonymous/unknown sources as you may not end up with the correct answer.
Reaffirming your 2018 resolutions will be the best way to begin your 2019 Workers Comp resolutions.
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