May 7, 2014

The most popular date for workers compensation policy renewals is January 1st. Chances are, you have a couple of pretty important clients in your book of business who will renew on January 1st. Therefore, the next few weeks will be absolutely crucial in determining whether or not you will keep them as your clients next year. Why the next few weeks? The answer is pretty simple. At the end of June, the total incurred amounts on your clients’ claims will be entered to calculate the 2015 experience mod.  This leaves a small window (less than 55 days) to review the claims and make sure that your clients’ experience mod is as low as it can be.

Each point on the experience mod can translate into thousands of dollars in premiums.  Furthermore, some employers need to have a low experience mod to be able to bid in various projects so the experience mod has a profound impact on their business. For example, we are currently working with an employer in the construction industry whose renewal mod has already been published as a 1.19, a whopping 22 points higher than their current mod of .97.  This employer has told us that their high mod will prevent them from bidding on various projects in 2015 and it will have a very negative affect to their bottom line.

Do not let this happen to your clients.  You need a workers compensation expert to review your clients’ claims and make sure that they will be happy with their renewal quote.

At Apex Services, this is one of the many services that we offer to our broker partners free of charge to you or your clients.

Claims review can be a complicated and time-consuming project.  Let the experts at Apex Services help you with our workers compensation premium recovery service before it’s too late.