State Fund Today

Renewal season is busy. It's easy to rush through the steps. But small mistakes at renewal can cause big problems for your clients later. They might get a surprise audit bill. Or they might pay more than they should all year.

Here are five common mistakes and how to avoid them.

1. Reusing last year's payroll

Old numbers can lead to a big audit bill or a year of overpaying. Get current payroll estimates for each class code before you submit it.

2. Not checking class codes

When business make changes, it often involves shifts to roles and responsibilities. A worker assigned to the wrong class code can result in either higher or lower premium and may lead to audit adjustments. Compare each code with the WCIRB descriptions and your client's work today.

3. Skipping the experience mod review

Experience Modification (X-Mod) worksheets can have errors, like duplicate claims or wrong payroll. Some errors may be corrected through the WCIRB review process, so review loss runs and X-Mod worksheets as early as possible.

4. Missing changes to owners or the business

Changes to ownership or locations can also slip by. Confirm owners, who is covered or excluded, and all business locations.

5. Forgetting about subcontractors

Subcontractors without valid coverage can be counted as your client's payroll. That means a surprise charge at audit. Remind clients to collect current certificates from every subcontractor.

Make renewals easier for your clients

A little prep goes a long way. Check payroll, class codes, the X-Mod, ownership and subcontractor certificates. Your clients will have fewer surprises, and you'll build more trust.

Need more info? See How to Update Auto-Renewal Policies. Log in to the State Fund Online broker portal to update policies now.