How to grade a workers’ comp retro group
Top 3 Questions You Should Ask When Evaluating a Retro Group
Being part of a retrospective rating program is important for your business. The goal is to find a retro partner that matches the needs and culture of your company, is committed to helping you drive down your up-front premium costs, and boasts a great track record of keeping workplaces safe.
Washington L&I has a great article about how to evaluate retro groups. We’ve combined and honed a handful of their tips and come up with what we think are the top 3 key questions for evaluating a retro group, and then provided some hard-hitting conversation starters.
1. How will this retro group help lower my overall workers’ comp costs?
- How will the group help me close claims quickly?
- What kind of help will they provide with early-return-to-work and light duty options?
- What prevention activities will they provide to help reduce claims in the first place?
- What is the group’s refund track-record?
2. Who will my team members be and how will they support our efforts to reduce injuries and manage claims?
- Who will we work with on tough claims? Will we have a new claims manager each time we call?
- Are the group’s claims management services outsourced, or do they hire their own claims team?
- Will we have access to a dedicated safety professional?
- What safety activities are available to help us prevent injuries?
3. What is this retro group’s history and policy on refunds and assessments?
- How are refunds distributed?
- What is the group’s risk for an assessment, and how would they pay if they were ever assessed?
- Has the group been previously assessed?
- What is the underwriting criterion the group uses for new and existing business?
Joining a retro group is a big decision and it pays to do your homework. Call Vigilant today and hit us up with any of these questions or others you may have. And check out why Vigilant should be at the top of your retro group candidate list.
This website presents general information in nontechnical language. This information is not legal advice. Before applying this information to a specific management decision, consult legal counsel.