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2023 Workers Comp Resolutions – Top Five Reboots


2023 Workers Comp Resolutions  – Year of the Reboot

The time is nigh for the 2023 Workers Comp resolutions.  Last month we covered the 2023 resolutions for large deductible programs.  You can find that article here.  The self-insured resolutions should hit the wire this week or next.

We all have resolutions every year.  This website started publishing resolution articles in 2010 and updated them every year.   As with most of us, 2023 is the year of the reboot.  It is is the Year of the Rabbit in some circles.pic of chinese zodiac 2023 workers comp resolutions


Employers With Voluntary Policies

To clear up any confusion, this article will cover voluntary policies only.  Voluntary policies are the normal workers policies where an employer purchases a regular insurance policy from an agent/broker that will cover injured employees.   Voluntary policies can have deductibles up to $100,000 in most states.

Top 10 2023 Workers Comp Resolutions = Asset Protection

Let us use the 2022 Workers Comp resolutions as a baseline and then go from there.  Those resolutions were one of the better articles published on this website for 2022.

The theme will be asset protection with the Wall Street Journal fund rate at 7.5%  – rising from 3.25% less than a year ago.

Protecting assets comes from the most basic accounting formula  Assets = Liabilities + Capital.   Reducing liabilities remains the best method for increasing or sustaining assets.

The Top 5 2023 Workers Comp resolutions for the reboot are:

  1. Safety and more safety.   Talking about safety may seem like an old worn-out subject.  If one wants to understand what the states are beginning to do with unsafe employers in 2023 – New York just signed in Carlos’s Law (thanks WorkCompCentral) that will fine employers convicted of a misdemeanor involved with an employee’s injury or death $300K to $500K.  Wow! That reads misdemeanor not a corporate felony.
  2. Pay your policy over time.  Most carriers have a no-cost program to debit your business account every month.  Cash flow is king. Why take a chunk out of your assets to pay a whole year’s policy?
  3. Alternatives and more alternatives – so many alternatives exist such as Captives, PEOs – one of my favorites, and many other alternatives exist by performing Google searches.   If you do not look, you will never know what is out there.  Have your favorite millennial look them up for you. The less your company spends on WC coverage, the more capital and assets your company will have at the end of the fiscal year.
  4. The Six Keys that I have learned over the last 35+ years still stand the test of time.   They are mainly centered on lowering claims costs except for the premium audit suggestion.  Follow the link to see if they could work for your company. I originally wrote them in 2007 in this website.  Feel free to order the free manual by using the Contact Us link.
  5. Damned Analytics –even though I am not a fan of claim analytics – it is what it is – and is expanding into how your company is evaluated for workers comp or any other type of policy.  Most agents and their associated carriers look at 5+ years of data to just get rolling for a policy quote or renewal.   Information is power and power increases assets and capital eventually.  Have 5 years of WC data at your fingertips. 


The “I” word was not mentioned in this article.  We have heard enough about increasing prices.  These five 2023 Workers Comp resolutions and the prior 2022 resolutions should assist in protecting assets.

Related: Workers Comp Predictive Analytics Changed Loss Run Reviews Forever


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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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


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