2024 Workers Comp Resolutions (Post-reboot)
The 2024 Workers Comp Resolutions come from the 2023 resolutions.
The theme in January 2023 was asset protection. Even though we are in a post-pandemic world, spiking interest rates along with inflation keep my thoughts as still asset protection. The 2024 Workers Comp resolutions are still based on asset protection.
The theme comes from situations that J&L had come across with customers during 2023. If you wish to see a list of 2024 non-insurance resolutions, click here.
A list of workers comp and other resolutions on this website can be found by using this search. I have been suggesting resolutions for at least the last 15 years right up through these 2024 workers comp resolutions.
Top 5 Recommended 2024 Workers Comp Resolutions
- Read your policies or assign someone you trust in your company to read them. Better yet, read it, and assign someone to read it. Use the best policy-reading tool on earth to do it – no it is not AI. For instance, I had purchased a travel policy with a 10-day free cancellation period before the policy became active. I found out it did not cover one of my preferences. I used the tool, read it, and then realized two coverages were lacking. I switched to another policy that did cover my preferences.
- Safety, safety, safety, safety….. During the pandemic and well before 2020, companies were laying off Risk Management and Safety personnel. Even if your company is too small to afford a safety person, hire a safety consultant or contact your carrier to see what they offer (usually freebies) to assist your company.
- Predictive Analytics has expanded to look beyond Mods. Most agent clients have commented they look at 5 – 7 years of accident histories if not longer. With the acceptance of AI in the insurance world, an employer cannot look at only four years of injuries. Online claims access for all open and closed claims is now just as important as a safety program. I used to disagree with a few pundits on this one. It is what it is now.
- Remote premium audits are still popular. Rating bureaus, state governments, and carriers have moved away from doing in-person premium audits. Yes, it does remove the inconvenience of having a premium auditor onsite, but we have been seeing where telephone and video audits have possibly reduced audit accuracy. Often, no discussion with the employer as to what they do in their daily business activities occurs during the audit process.
- 2023 – The Year of Endorsements. We have seen many policies endorsed multiple times. I am not 100% sure why this is occurring even post-pandemic. Endorsement rules on changing workers comp policies are complex yet very specific. Bottom Line – read all Endorsements very carefully. See #1 for how to handle the Endorsements.
Bottom Line
Some things always stay the same in Workers Comp insurance. I found it difficult to update the resolutions every year – not so this year. Numbers 3 through 5 were very different in 2023 and likely will stay the same in 2024. The 2024 workers comp resolutions will soon include self-insureds.
