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Workers Comp Budgeting After the Pandemic


Workers Comp Budgeting – Where Do Employers Find the Info?

One of the most difficult tasks for employers in the post-pandemic era requires a large amount of data analyses.  Workers Comp budgeting adds in more complexities to the mix.

Every week the news cycle produces reports that a certain national chain of stores or restaurants completely closed or substantially reduced their number of stores.

pic workers comp budgeting general store
Creative Commons License – Orderinchaos

Workers Comp budgets were difficult enough for companies without the pandemic and post-pandemic effects.  Employers’ budgets should contain considerations for three simple situations:

  • Growth
  • Staying the same
  •  Reduction

Budgeting in general would require these three different budget types. Of course, you are not reading this article to cover general business budgets.

Workers Comp Budgeting = Three Sources

The three sources for your upcoming or current Workers Comp policy year comes from documents you should always keep easily accessible.

Those three sources are:

  • Current Workers Comp policy – Declarations Page 
  • Last years’ accurate premium audit
  • Payroll projections for the policy year – the most difficult numbers to calculate due to inflation and the post-pandemic effect.  If your policy year does not match your company’s fiscal year, you will need to make that adjustment.

Yes, I do realize that many other documents could possibly be used in the comparisons.  Keeping it simple avoids making a complicated workers comp budget comparison.

Matching The Numbers

Comparing the numbers on the above data sources will point you in the right direction.  As each employer is very unique – even within the same industry, the best results come from using Excel or another type of spreadsheet app such as Google Sheets or Apache Office – the latter two are freebies.

One can use the old-school method of manually looking over the numbers of the three data sources without using spreadsheets.   Do the numbers from the three data sources makes sense if your company is growing, staying the same, or in a reduction phase?

If you feel something is amiss, an email to your agent may readily answer your questions.  A business owner’s or corporate executives.  intuition remains a powerful force for making business decisions.



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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