16 Questions to Ask Your Broker
  1. As my broker, can you reduce my workers’ compensation premiums even if rates go up over the next three years? Exactly how much in savings can I expect? Will you guarantee these savings in writing?

  2. Will you pay me the difference out of your own pocket if you fall short?

  3. There seems to be a conflict of interest, e.g. when my premiums increase and decrease, your commissions adjust accordingly. What are you doing to align our interests so I have an incentive to retain your services?

  4. What percentage of my premium are you receiving as a commission, including bonuses? What percentage of the commission goes towards services to directly reduce my workers’ compensation costs?

  5. Other than utilization and claims review, what specific services does your brokerage offer to reduce my workers’ compensation costs and how are they provided? Who are the experts in your company that provide these services?

  6. Can you guarantee that I have not overpaid or been overcharged on my premium during the past three years?  If so, can I audit my experience modification calculation?  
     
  7. What incentive does your company have to show me alternatives, including those that don’t pay you any commissions?  What are my options in today’s marketplace? Direct writers? Captive agents?

  8. Does my current policy include discounts and credits? Am I receiving any benefits from this?  What are you doing to maximize discounts and eliminate credits on my behalf?

  9. What guarantees do you offer that will insure my workers’ compensation renewal notices are received within at least 10 business days prior to the policy expiration?

  10. What is my lowest experience modification and do you provide a written strategy to get me to this lowest level?

  11. What is your protocol if I notify you that our company suspects an incident claim may be questionable or even fraudulent?  What do you do if the carrier doesn’t respond when a claim has been reported?
     
  12. What is the procedure and when are you notified of new claims?  What services are provided within the first 30 days to mitigate costs and litigation?

  13. Other than loss control services provided by the carrier, what specifically are you doing to help us prevent claims and change our safety culture?

  14. How often do you provide written status reports on my open claims and how do you request justified reserve reductions?  What is your  experience with this or who in your company manages this important cost containment action?

  15. Do we ever sit with claims reviewers or meet with the claim adjusters?  During which months of the policy year are these meetings held?  What happens if I have been insured by two or more carriers during the past four years?

  16. If our company is willing to pay for services to reduce our workers' compensation costs, what programs, vendors, consultants - both in-house and outsourced - do you currently have available to meet our company goals?