November 10, 2014
Research done by Apex Services (www.apexservices.com), a leading company in workers compensation premium recovery, has shown that a large percentage of employers renew their workers compensation policy on July 1st. Brokers who have accounts who have July 1st renewals may not be thinking about these accounts yet, as they don't renew for several more months. However, what they do not realize is that the next two months are the most crucial time of year for July 1st renewals.
The reason that the next two months are imperative for July 1st renewals is that that the experience modification is calculated six months prior to policy inception.
The single most important factor in calculating the workers compensation premiums (the experience mod) will be published within a short couple of months. Of course the system in which the experience mod is calculated is a complex one. Even when employers meticulously manage their workers compensation claims, there are often errors in the calculation of the experience mod by insurance company that are complex in nature and cannot be spotted by someone who is not an expert in workers compensation. What brokers do best is finding the best and cheapest coverage for their clients. What the experts at Apex Services do is review the upcoming, current, and prior experience mods to pinpoint the errors committed by the insurance companies.
Apex Services workers compensation premium recovery is done on a contingency basis to reduce current and future premiums and obtain refunds on prior premiums. Offering workers compensation premium recovery solidifies brokers' relationships with their clients by demonstrating that they are doing everything to keep premiums down for their clients. Offering this service for prospects can lead to BORing the account upon renewal.