Any agent or broker who hasn't been auditing workers' compensation claims is missing a great opportunity to lower their clients' premiums and foster long-term relationships that can build their business. Plus, you, the producer, will help attract prospects and distinguish your agency from your competitors.
The first step is to start exercising your client's right to audit their open workers' comp claim files–within six months after policy expiration–and stipulate that the reserves reflect the actual file documentation. These changes can lower experience modification ratings and, over time, dramatically reduce premiums.
Although a federal law granting employers the power to challenge reserves was enacted way back in 1919, few of them take advantage of this right. As a result, countless employers pay too much. That hurts–especially if they're your clients.
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