The most important date of the year – it’s not what you think

Too many Workers Compensation policyholders think that the most important date of the year is their renewal date. Guess what, it’s not.

Without question, the far more important date of the year is six months after your renewal date. If your broker doesn’t know this, or talk about the importance of the Unit Statistical report and the Valuation date, you have the wrong broker.

If you are not experience rated or experience modified now, or ever expect to be, this won’t really apply to you. In California, only those businesses which pay somewhere around $15,000 in annual Workers Compensation premiums are experience modified. And it takes three policy years to become modified.

The California Workers Compensation Insurance Rating Bureau has key information about the Unit Statistical report here: https://wcirbonline.org/wcirb/Employer_Guide/usr.html

If your Experience rating is over 1.00 then become unsettled now if you have never heard the phrase, “Valuation date”.

You know the feeling, or you’ve heard the idea that the California Workers Compensation system is out of control. It sort of is, and sort of isn’t. There are things you can do. The next post will explain the very first thing to do.

Hint; it’s easy. And you can start to get control.

Cheers,

Mike Vrchota