Understanding workers compensation is a four part series written by Bill Stankevitz, senior vice-president of St. Charles, IL based Wine Sergi & Co. LLC. He has been involved with the insurance industry in many capacities for the last 45 years and invites people to visit his blog “insurance answers for business” at www.mysweethaven.com/blog.
In the final installment of the 4 part series on Workers Compensation, Bill investigates how you as a moving company (or other business) can conduct a self analysis of your policy.
The first option is do it yourself and although it’s important to understand your policy conducting a self analysis with no other help from any professionals can be risky.
Option two is to hire a risk manager to handle this part of your business. This isn’t an option for medium to small moving companies but option three of hiring an independent consultant can be. The beauty of option three is reduced cost from option two, and an objective analysis of your moving company’s workers compensation policy. Option four is have your current workers compensation insurance provider do the study, but since workers compensation commissions are generally low its harder to entice your agent to agree to lots of work for little money. Another potential problem with option four is its subjectivity. What company is going to steer you away from their own workers compensation insurance products? Option 5 is to have another workers compensation provider (or two) conduct the study as part of the bid process. Since the carrot of earning your business is their motivation this is a much easier sell. Also, by getting a couple other quotes you can validate your decision by comparing rates and services.
As we’ve stated before, learn all you can about your options when it comes to moving company workers compensation. To review the article in its entirety read Understanding Workers compensation (Part IV). The subject of workers compensation and Moving companies should be understood and reviewed often as the potential costs (or savings) can be significant.