Workers Compensation Insurance Policy Mistakes - Top 30

I have often heard this phrase from employers "As far as we know, our insurance carriers are reporting everything to NCCI or our State Rating Bureau accurately." I decided to check and see if insurance carriers are highly accurate in their reporting.

I found a list of the Top 30 Mistakes That Carriers Make When Reporting Information I will list the Top 10 -

1. This policy is a duplicate of a policy already on our database.

2. No specific location city must be blank.

3. No specific location zip code must be blank or zero.

4. No specific location state must be blank.

5. Policy expiration date - [--/--/--] must be greater than effective date.

6. Policy total estimated standard premium cannot be less than policy minimum premium.

7. Transaction issue date :[--/--/--] must be within range of transmittal letter.

8. Duplicate header records not allowed.

9. Endorsement __________ is not attached

10. Reason code must be zero.

While most of these would not necessarily effect the premiums that you might have to pay, #5, #6, #7 and #9 seem to be premium drivers for your Workers Comp policy. We are not saying that insurance companies make mistakes all the time. It is just when they do, it could cost you $$$.

That is why I recommend always checking everything on your Workers Comp policy whether you have an agent or not. Assuming everything is copacetic may be costing your company premiums.