Don’t take workers' compensation applications at face valueBy Sanford Brown | December 3, 2015
Do you take a workers' compensation insurance application at face value? Or do you thoroughly research the applicant’s information, verify data fields, look at photos of the property, find out where the nearest hospitals are, and ferret out any OSHA violations? If you’re like many insurers, you don’t devote precious time to do any of these things.
Instead, you probably rely largely on the information provided by the applicant or agent. You’re rightfully cautious of the information presented on the application but challenged by how much time and research should be devoted to examining the risk.
But you also know how important data on the risk is, such as proper business classification, employee count, credit information, and more.
I had the pleasure of presenting a web seminar exploring how workers' compensation exposure can be minimized through a comprehensive report with verified data. Verisk’s Workers' Compensation Advantage Report provides insurers with a detailed, point-of-sale assessment of the risk. It includes business classification, numbers of employees, estimated annual sales, and credit score to help assess management capabilities and other essential business information.
The report paints a fuller picture of the business, revealing details that the insured or application may not. For example, the Workers' Compensation Advantage Report will tell you about chemical shipments, incidents, and OSHA violations—and we go back 10 years to show you specific violations and the fines that were imposed.
Realistically, few insurers can devote the time and money to research a workers' compensation risk to that depth, but we do—and you can take advantage of that.
Tagged with: ,