Workers Comp Insurance Calendar – Looking at Important Dates

A J&L blog and newsletter reader asked the question earlier this month – we just renewed so what is our Workers Comp insurance calendar going to look like for 2022 – 2023?

Most of the 2,000+ articles I have written come from reader questions.  I may not think of something every week to write about as Workers Comp does not change that much year to year.

Workers Comp Insurance Calendar Dates – Voluntary Market

Some of the dates you have to consider are:

• Renewal Date Itself – do not renew on 1/1 or 7/1 – see this article
• One month into policy – start preparing for your premium audit, the premium auditor will send you an appointment letter usually 30 days after policy expiration.  Organization and neatness are key.  Excel is your best friend at this point or you can try the free and highly rated Apache Office.
• Three months into policy – start your reserve and loss run review ASAP, do not waste your time with an end-of-the-policy-year review.   This is due to the UNISTAT Date.  It is six months after your policy ends – usually.
• Five and 1/2 months into the policy – with the UNISTAT Date coming up, have a loss run and make sure you review ALL the claims closely.   If one of the files looks over-reserved, contact your claims adjuster immediately, you have two weeks to correct the reserve amounts.
• Ten months into policy – NCCI or your respective rating bureau should have produced your Experience Modification Factor – if you do not have one call 800-622-4123 to request one from NCCI or if in California you can request one using this form.
• Continuously – obtain workers comp online access to your claims.  Adjusters post statuses online as they adjust the claims.  Make sure your claims adjusters know what you know about the claim as it progresses.   Always email your adjusters- calling is a time-waster.   Return any info (wage state, signed forms, etc.) ASAP.  I just reviewed a file where an unsigned form cost an employer a $2,000 fine.

There are so many calendar programs out there.  I use Microsoft Outlook.  Google calendar is a great one.  My personal calendar is on Yahoo Calendar.   Please remember that these are a few calendar dates.  There could be other important dates.  Check with your agent on any of those. 

I will write an article on the Self Insured workers compensation insurance calendar next week.

This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.

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