One of the many tasks we perform for our customers is to review open claims. Open claims usually have reserves assigned to them which are anticipated future payouts. Unfortunately, many reserves can be excessive or just ignored due to the work load of the claim adjuster. This will effect your Workers Compensation Premium.
The magic date to be concerned with is called your “validation date”. This is the date that your claims experience is reported to the National Council on Compensation Insurance (NCCI). Should any “reserves” be mismanaged… your experience modification factor will suffer adversely. The “validation date” is 6 months prior to your workers compensation anniversary date.
Make sure your reserves are being managed in order to keep your workers compensation premiums low.
Rather than just quote your workers compensation insurance once a year, we have a process to continually manage your long term workers comp costs and premiums. We work with many companies in the Illinois IL and Chicago area.