Uncovering Loss Cost Multipliers

I’d written previously about knowing your carriers LCM and why that’s important to you.  If you don’t know what it is, start HERE

If you’re ready for step two, I’m sharing links to the various states LCM’s.  These aren’t always easy to find and some states deliberately don’t publish them.  In some instances, the link will go directly to a list, others will involve another step or two to complete the search.

Continue reading Uncovering Loss Cost Multipliers

Start the clock… 3, 5, or 7 days before lost wage payments?

Check out this quick chart for answers on what the waiting period is in your state or province before lost wages kick in from workers’ compensation.

What is the retroactive period when an employee is able to recoup those first unpaid days?

How about who gets to direct care?

It varies by state.  The answers are here!

Continue reading Start the clock… 3, 5, or 7 days before lost wage payments?

Audits and your Liability Policy

A common topic of discussion is the workers’ comp audit.   Either through the horror stories of friends or self experience, you’ve heard the terrible tale of the large comp audit.   You’re now keenly tuned in to the payrolls and exposures on your work comp policy vowing never to let this happen to your organization again (or ever)!

Perhaps you’ve even transitioned to a “pay as you go” program to virtually eliminate the chance of an audit bill.

But… and there always seems to be a but.  What about your liability policy?  While you find yourself plugging the holes in one area, don’t forget the GL policy is often  an auditable policy like the WC.   Don’t make the mistake of assuming that since you’ve notified your carrier or broker of accurate payrolls for the workers’ compensation policy, those same updates translated to your liability policy!  You might be surprised to learn otherwise and we already know, that’s rarely a good thing.

Keep track of your liability policy exposures just as you do on the WC!

Comp rates continue to fall in Maryland and Nationally!

OK, some good news likely headed your way!  Many policy holders can expect some WC rate reduction again this year.

Here’s a notice just sent to Maryland brokers from Builders Mutual Insurance.

2018-01:  Maryland Workers’ Compensation Rate Changes

Effective March 1, 2018 and applicable to all new and renewal Workers’ Compensation policies, Builders Mutual Insurance Company is implementing NCCI’s January 1, 2018 revised loss costs for Maryland and revising the Company developed Loss Cost Multipliers. This change represents an overall rate decrease of 9.4% to our Builders Mutual book of business and a decrease of 9.5% to our Builders Premier book of business, however changes may vary by individual class.

In addition, maximum and minimum payroll amounts are:

Included officers minimum payroll – $54,600 per year (was $49,400)

Included officers maximum payroll – $218,400 per year (was $197,600)

Sole proprietor or partner (if elected coverage) – $54,700 per year (was $48,900)

 

Guarantee Insurance Co. in Liquidation!

On November 27, 2017, Guarantee Insurance Company (“GIC”) was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of GIC.

What does this mean to you?

Well, if you’re insured with Guarantee Insurance Co., it means you have a very short window to find a new insurance carrier!

Continue reading Guarantee Insurance Co. in Liquidation!

Be on the lookout!

Have you ever noticed a scheduled credit on your policy?  Ever wonder why it’s there?

Often times brokers are able to negotiate these on  your behalf, but sometimes the scheduled credits are adjusted based on the experience MOD changes.

Picture this…

It’s 2017 and you’re at the last year of your debit experience MOD of a 1.25.  Your current WC policy for that year has a scheduled credit of .80, easing some of the pain of your current debit MOD rating.  Your renewal policy comes in for 2018 with a new MOD of .78 and low and behold your scheduled credit is now a scheduled debit of 1.10.  What gives?   Virtually all of the premium savings you were expecting is gone!

Continue reading Be on the lookout!

Insurance Definitions and Terms

I sound like a broken record on this, but you can’t manage what you don’t understand! Insurance terms and policies are far from commonplace for most of us.

For those of you that don’t live and breath insurance, here’s an in depth list of insurance terms and what they mean to you.

Continue reading Insurance Definitions and Terms

You can't manage what you don't understand.