Wednesday, June 17, 2009

Preparing for a Workers Compensation Audit

What a scary thought, an auditor visiting your office! Don't be afraid, be prepared! Check out How To Prepare For A Workers Comp Audit for FREE detailed information on how to prepare for a workers comp audit!

Getting ready for the work comp auditor can be stressful. But it's a process of necessity. The audit process is the time when all workers compensation accounts are brought to balance. You see, when you buy a workers comp insurance policy, the premium you pay is really just a deposit premium, based on the projected payroll of your business for the next 12 months. Then at the end of the policy period, 12 months, the insurance company will perform an audit on your books to determine just what your actual payroll was then recalculate your premium and adjust out if they owe you money back or bill you if you owe them more money. Simple!

Well it's really quite complicated. So be sure to check out the web page "How to Prepare for an Audit" that's shown above. You'll find some good tips in there that will help make your visit with the auditor a more pleasant experience!

Thanks!

Tuesday, June 9, 2009

Workers Compensation Premiums Going Up

Workers compensation premiums are going up! You can learn more about workers compensation insurance issues at Workers Compensation Consultants, a professional work comp consulting firm providing a ton of free, useful information on the web.

Workers compensation insurance is sometimes a strange product. Just when I think I know most things there are to know about workers comp I'm presented with something new! So try this on for size...In general workers compensation claims have been trending down over the past years. This improvement is due to a combination of many things including a toughing of state regulations that have had a positive impact on workers comp and to an overall improvement of safety in the workplace.

So with the number of claims trending lower why are we seeing increases in rates and a general increase in the cost of workers comp? Well there are two basic items that drive the cost of workers compensation claims, medical and indemnity. Indemnity refers to the replacement of lost wages when an injured worker is off from work. Logically with fewer claims the indemnity cost would also be lower. So that leaves the medical. Medical is just what you think it is, the cost to pay medical providers for their services. Unfortunately the trend is that medical costs are going up! You know, it's the same story effecting health insurance in this country. Better improved medical services, additional costs. Oh, yea, don't forget when a medical provider has fewer cases to work on and they still need to have a certain flow of revenue to keep their doors open. They wouldn't charge more for their services would they? Less number of people to work on equates to charging more for those folks who need work performed!

Well, there you have it, the number of workers compensation claims are improving. Employers are doing what they have been asked by implementing safety programs, return to work programs, and providing much safer work environments, reducing the number of workers compensation claims. And the payoff...higher workers compensation premiums!

Thanks!

Monday, June 1, 2009

Insurance Certificate Problems and Information

Check out the new information about insurance certificates at Workers Compensation Consultants website for a lot of free helpful information on this topic.

When is the last time someone asked your business for a certificate of insurance or an insurance certificate? Well if you're in some type of contracting business I'll bet it was just a matter of minutes ago! Yep, insurance certificates seem to make the world of contracting go round!

A few things about certificates:

1. They are basically worthless pieces of paper, have you ever been charged for a certificate? So they are really worth what you pay;
2. They are for informational purposes only;
3. They are the most confusing piece of paper in the insurance world;
4. Most people asking for them don't know why they are asking;
5. Most people giving them out don't know why they are giving them;
6. Everybody thinks they provide some type of coverage or at least assurance, in fact they don't;

So, if some other business asks you about certificates of insurance or needs proof of workers compensation insurance or needs an insurance certificate showing you carry workers comp, read up on what it's all about at Workers Compensation Consultants before you're so fast to send one out!

Thanks!