unit stat date

How Workers Comp Claims Pandemic Data Is Only 25% Correct

Workers Comp Claims Pandemic Data – Running With 1/4 In The Tank I recently brought this up in a Zoom(r) meeting.  A potential client wanted me to assist in building a Workers Comp claims pandemic model.  They were aghast when I said that only approximately 1/4 of the data is

Reserve Review Schedule – Are You Behind Or Ahead?

Reserve Review Schedule – Important Upcoming Date For January 1 Renewals A reserve review schedule can save many headaches if your company has a January 1 renewal.   January 1 remains the most popular date for renewals by far. July 1st is the second most popular date.  Most governmental entities renew on

Work Comp Reserves – Why is June 30th Most Crucial Day?

Work Comp Reserves And The Unit Statistical Date Why do Work Comp reserves become so crucial on June 30th of each year?  Please follow along as there are a few steps to this assumption / reality. As mentioned often in this blog, the most workers comp policies renew on January

Private and Public Employers– Pending Unit Stat Date

Upcoming Important Date – Pending Unit Stat Date The pending Unit Stat Date creates a deadline that private and public employers should mark on their calendars. A large percentage of private employers and  most public entities renew on July 1st. In most policies, the Experience Modification Factor, better known as E-Mod

WC Loss Run Reserve – Public Employers Upcoming Deadline

WC Loss Run Reserve Levels Crucial For Public Employers Certain organizations need to concentrate on WC Loss Run reserve levels now.   Yesterday, I pointed out that employers with a renewal date of 1/1/14 are wasting time performing loss run reviews.   That is not 100% true as at least

Best Way To Waste Time On Workers Comp in December

The Easiest Way To Waste Time On Workers Comp Before The New Year I have discovered the best way to waste time on Workers Comp in December.   Workers Compensation reserves do not directly apply to a policy that renews within 30 days.   We receive many emails and phone

Very Important Upcoming Date For January 1 Policies

Important Upcoming Date For January 1 Policies Renewal Over the last few months, I had been covering a plan on how to reduce E-Mods. The important upcoming date for January 1 renewals is your Unit Stat date. The Total Incurred (Paid + Reserves) is tallied six months after your policy

Workers Comp Reserve Reduction Plan – Is Yours In Place?

Reserve Reduction Plan And The Unistat Date I wrote last week on the timing and deadline for having your Workers Compensation reserve reduction plan in place. If your company has not begun with the plan, you are throwing away Workers Compensation Dollars. If your renewal date is January 1, you

Workers Comp File Reserves – You May Be Running Late

Workers Comp File Reserves Timing Important I try to post information on Workers Comp file reserves this time of year. Why? The majority of Worker Compensation policies renew on January 1st.  The Unit Stat date for those policies is 7/01/11. Your companies Unit Stat date will occur 6 months AFTER

Unit Stat Date Article Caused Confusion – Better Explanation

Prior Unit Stat Date Article Caused Confusion I may have some caused confusion on my last Unit Stat date article on the most important day in Workers Comp. From the emails that I received, I may not have been as clear as I should have been on the Unit Stat

Final Workers Comp Answer For Two Prior Related Articles

The Final Workers Comp Answer = 6 months after policy expiration This is the Final Workers Comp answer for when a policy expires.  Last week and yesterday I posted on the importance of June 30th if your Workers Comp policy expires on 12/31 or 1/1. Why is June 30th important

Workers Comp and June 30th – What Is The Big Deal?

Workers Comp and June 30th Critical Relationship I had posted the question last week on why June 30th is such an important day in the Workers Comp insurance cycle. The answer has two parts. Thanks for all the email inquiries everyone sent in last week. The largest percentage of Workers

UNIT STAT Date Is One To Mark On Your Calendar

UNIT STAT Date – Very Important Planning I had mentioned the UNIT STAT date and report in May 2008. It is worth mentioning again as it is one of the most important reports in all of Workers Comp insurance.   The name was shortened from Unit Statistical Date. The UNIT STAT

Insurance Carrier Or Agent Could Be Wasting Your Time

Insurance Carrier Claim Reserve Meetings Your agent or insurance carrier will be wasting your time for renewing policy. We have found that 60-70% of all Workers Compensation policies renew on January 1st of each year. That figure matches our client list percentages. We hear from some of our client that

Reserve Review Timing – Watch Your Unit Stat Date Closely

Unistat Date Reserve Review Timing As I posted last time, the Reserve Review timing has nothing to do with your policy renewal date. Do not waste your time with reserve reviews at your policy renewal, as your E-Mod has already been calculated with figures from six months before the end

Workers Comp Policy Renewal Is Almost Here, What To Do Now?

Your Workers Comp Policy Renewal Dates vs.  E-Mod If your Workers Comp policy renewal date occurs on 1/1/09, what can you do about your Workers Comp E-Mod? That answer is nothing at all. I have found that quite a few insurance carriers will do claim reviews in the months of

180 Day Window For Workers Comp Reserve Review

180 Day Window – Workers Comp Reserve Timeline The 180 day window can save your Workers Compensation Program a large amount of $. What is the 180-Day Window? It is the time that you have to correct your company’s reserves after the close of the policy year. THIS IS VERY

UNIT STAT Date Most Important For Experience Rating

UNIT STAT Date Most Important For Workers Comp Policies The most important date on the Workers Comp calendar is one that only a few select people know or follow.  (UNIT STAT date). If you thought it was the renewal date, you are throwing Workers Comp $ down the drain. Check

Archives

Subscribe

Get the latest workers' comp news FREE!

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