North Carolina Workers Comp Rate Reduction

North Carolina Workers Compensation rates are going down! The North Carolina Rate Bureau sought and secured a workers comp rate reduction amounting to an average 10% reduction in workers comp rates for North Carolina employers. To take effect in April, this reduction will save employers an estimated $120 million and applies to employers who purchase their insurance coverage on the open market.

This news follows last years reduction which amounted to an approximately 4% savings for North Carolina employers.

Certainly a good trend in the cost of North Carolina workers comp insurance.

Tennessee Workers Comp - New Law for Contractors

Watch out when the government gets excited and tries to fix a problem! That's what's going on in the Tennessee Workers Compensation arena with a new law that was designed to level out the contractor playing field. This new law...to go into effect December 31, 2009, requires a sole proprietor to carry workers comp insurance. This law was originally intended to address the problem of workers comp stacking, where an employer would declare that their staff was in fact individual sole proprietors and fell outside the law requiring workers comp coverage be provided for all employees. In fact a poor attempt practiced by some contractors and used to skirt around the workers comp requirements that an employer provide coverage for their employees.

It's estimated that in this case the new law would force around 10,000 contractors to purchase workers compensation insurance! Wow! This couldn't have come at a worst time! Many of the small single owner operator contractors would be forced to purchase a policy potentially costing thousands of dollars!

So the good news....Tennessee State Lawmakers are reviewing the law trying to find a way to reduce the negative effect. However, this may take some time to work its way out and in the mean time December 31, 2009 is ticking closer and closer!

So if you are a contractor in the State of Tennessee, make sure you are compliant with the new state workers comp law!

Florida Work Comp Rates Down 6.8%

Good news for Florida Workers Compensation?? We'll have to wait and see!!

Recently the Florida Insurance Commissioner, Kevin McCarty, gave final approval to NCCI's amended workers comp rate filing. New Florida workers comp rates will be effective January 1, 2010 with an overall 6.8% decrease.

So here's the real news...with this rate decrease, Florida has experienced an overall decrease in rates totaling more than 63% since 2003! Isn't that a good thing for employers?

Along with this news of course come comments from those who think this action will lead to the ruination of Florida workers comp system. Some are saying these rate decreases are artificial, just a function of government with decisions made without regard of increased loss ratios and costs and decreasing income and profits for the insurance companies. That many of the Florida workers comp carriers are in a pickle and that a big shake out is just a short walk down the road. We'll just have to wait this out and see!

Employers Direct Insurance Company Leaving California

Holy Cow! What happens to Employers Direct Insurance Company policyholders who bought workers comp insurance from this company now that they've decided to stop writing workers comp in California? Check here for answers to your workers compensation questions.

Employers Direct Insurance Company is a workers comp insurance carrier who does business in California, Illinois, Idaho, Colorado, Arizona, Nevada, Oregon and Utah. They are famous for writing workers compensation insurance directly to employers without going through a broker. Usually companies like this sell workers comp at rock bottom prices relying on the lowest price as the attraction for employers to do business with them. Employers Direct has decided to leave the California workers compensation market by not writing any new business in the state. This after they announced earlier a request to California for about a 39% rate increase. Company officials have indicated that they will continue to service existing customers.

Unfortunately you can expect to see more companies following their example, given the poor workers compensation environment in California.

Establish Work Comp Code Procedures For Your Business

Learn how to prepare for a work comp audit. Proper preparation to an upcoming audit may just ward off a ton of bad stuff later.

It's not hard to find an insurance professional, fluent in the language of workers compensation, that can help you prepare for a workers comp audit. When an employer goes through the audit process unprepared, they are asking for nothing but trouble. Turn to the Internet for help! Just Google "workers compensation consultant" and you'll find quite a few folks out there who all have good opinions on the best way to prepare for an audit. You'll find most of the suggestions are very common sense. Things like having your payroll records handy for the auditor. But there are several other items you should be aware.

One of the most important things you can do for your business is to establish a workers comp code procedure. A workers comp code procedure, once properly established, will help your company prepare ahead for dealing with workers comp premium issues. You may need help doing this especially if your business operates in more than one state and involves non-NCCI advisory authorities.

For help with these workers compensation issues contact Workers Compensation Consultants!

Workers Compensation Premium Review

Do you need a workers comp premium review? YES!!!

If you are an employer, in any state, and have a workers compensation insurance policy then YOU NEED A WORKERS COMP PREMIUM REVIEW!! You might just be wondering why?

Simple, insurance companies make premium mistakes on workers comp policies EVERY DAY! (kinda sounds like I'm worked up..) It's just amazing the amount of overcharged premium dollars that employers pay and pay and pay and don't bother to speak the simple word why, why, why do I seem to be paying so much more for workers comp than my friend in the same business down the street? Why do my workers comp premiums just keep going up? Why do I get hit with large audits each and every year?

Here's what I'm told: "But I thought my agent was taking care of me!"

I usually hear that after a workers comp premium review has discovered mistakes and identified overcharges the client has been paying to the insurance company for years!

So, learn this, mistakes are made every day, don't be a victim and pay more for workers compensation insurance than you need. Have a workers comp premium review completed today! Reviews shouldn't cost you a penny unless the work comp consulting company can get your money back. Then you share with them. It's like a windfall for the employer. The employer gets money back they didn't even know was out there!! Check with Workers Compensation Consultants, they can help.

Premium Recovery

What is Premium Recovery? Premium Recovery is when you have unknowingly overpaid insurance premiums and have an independent firm work on your behalf to get that overpaid premium back in your pocket! Check with Workers Compensation Consultants, a professional workers compensation consulting firm who specializes in premium recovery. You'll find there are many companies who work in the field of premium recovery. All you have to do is check out the web and you'll understand. When looking for someone to help with this problem it's best to seek out those who have insurance experience. While many firms are rooted in accounting, you'll find those with the insurance knowledge and experience are the ones who can help you the most.

So if you think you need help recovering overpaid premiums on your workers compensation policies or other insurance policies be sure to contact Workers Compensation Consultants. They can do the job for you!