Sure they can! As a matter of fact that’s the place you, as an employer-policyholder, should start. But in a real world, that may not be the place you end up! Our firm provides independent workers compensation consulting services for insurance agents and brokers. So let’s talk about independent workers compensation consultants and insurance agents and where they fit in providing employer-policyholders with the proper help they may need for a workers compensation premium related problem!
An insurance agents job is to provide their client with access to various insurance markets to satisfy their insurance product needs. This means that when a business owner needs coverage provided for their commercial auto fleet they call an agent to place that coverage for them. Or when a business owner needs a workers compensation policy they turn to their agent to secure that coverage. So look at an insurance agent as the procurer of insurance coverage person!
It’s a tough job. No doubt about it! And the spectrum of professional abilities are broad. Some agents work for direct writing insurance companies where they can only sell products their insurance company provides. Other agents, known as independent agents, may work for an independent insurance agency and may represent many different insurance companies. Meeting individual client and insurance carrier expectations are challenging at best for an agent! You’ll find insurance agents are great at “walking the tight rope!”
Agents and Brokers get paid by providing insurance coverage for a client. Remember, it’s their job to write insurance policies. Compensation is typically commission based but in some special circumstances you’ll find their compensation may be fee based. For the typical insurance agent you will find their day is filled balancing the needs of existing clients while prospecting for new accounts. For the most part you’ll find that agents are relationship specialists. The commercial insurance industry remains a personal relationship business. You should never underestimate the power of the relationship between an insurance agent and their client! Get the idea that I have a great respect for what agents and brokers do and how they do it?
It’s not reasonable to think that your insurance agent can know all the intricate workings of the workers compensation premium generating process. Especially when it comes to workers compensation audits, experience modification rating or classification code problems. That’s where we come in. An independent workers compensation consultant brings a higher level of skill to the table for a client. More knowledge in specific areas of a workers compensation program. Look at a workers compensation consultant as the back room assistance for a business insurance client and his agent. We’ve worked many cases over the years where the initial call came in from an insurance agent seeking help for one of their clients. And usually those calls are the result of a complicated situation for the client. These cases usually develop into a combined work effort between the consultant and agent or broker to help the client out of a problem.
So when it comes to workers compensation audit, experience rating and EMR or classification code problems look to an independent workers compensation consultant for assistance. Be sure to ask your agent to bring in the independent consultant to work on your case!
Thanks! Hope this helps out!