Working With Clients to Renew Workers’ Compensation Coverage
The year 2020 is in full swing and we will be entering April before you know it. The new year has brought with it an array of things, old and new, to stress over. One thing you or your client should not have to worry about is workers’ compensation. As with any other line of insurance, an annual review with clients about their business is crucial. Allotting an appropriate amount of time to hear about changes to your client’s business, or to build their confidence about their workers’ compensation policy by answering questions, can pull that consumer to your side for years to come. It can be the difference between a loyal client and a shopper based solely on price. It can uncover gaps in coverage, not only on the workers’ compensation side but for their other commercial policies as well. Renewals are the perfect excuse to call up a client who has not been in your office for a while and set an appointment to review. Try this throughout spring and carry great, new habits through the rest of the year.
An important point to stress to clients is that it’s much easier to keep workers’ compensation coverage than have it lapse for non-pay and have to scramble to get it reinstated (like any other line of coverage). The new year, perhaps with all the excitement going on, has brought a wild amount of non-pay lapses. A lot of these are due to overlooked payments or renewals and are very simple to avoid. Bills go directly from the carriers to your clients so updated and current mailing information is vital. It only takes one day of lapsed coverage for your client to take on a workers’ compensation loss that could bury their business. Do your part to ensure it is NOT your client.Share on Facebook Share on LinkedIn
Posted by Greg Bowen, Workers’ Compensation Underwriter on Apr 7, 2020