When it comes to ensuring a safe and thriving Louisiana workforce, workers’ compensation agents play an important role. Agents are our front-line partners, engaging directly with policyholders and ensuring they and their employees have best-in-class coverage when it matters most. While LWCC strives to better Louisiana one business and one worker at a time, there is no doubt that much of our work would not be possible without our agent partners. This is precisely why it is vitally important for us to ensure that all agents are equipped with the tools and knowledge needed to deliver the best service and policies.
From online guides and portals to our dedicated Agency Relations Team, LWCC provides a wide range of resources to agent partners. However, there is one crucial resource that cannot be found via a website or phone call, one that agents should never neglect – time.
Why Early Policy Submission Matters
Whether agents are submitting new business or finding coverage for clients who have received their 60-day cancellation notice, early submission benefits everyone. Here's why:
- Give Underwriters More Time to Prepare – Underwriters are key to ensuring that policyholders have appropriate coverage and premiums. The more time they have to evaluate all of a company's pertinent information, the more thorough they can be in their efforts to guarantee that the policy matches the need.
- Secure the Best Rate Possible – By allowing Underwriters adequate time to assess a business, agents are far more likely to secure the best possible rate. When time allows, additional steps can be taken to establish an organization's safety, including onsite evaluations. This can be particularly useful for a policyholder facing cancellation due to previous losses.
- Reserve Market for New Business – When a company is shopping for new workers' compensation coverage, there is a strong likelihood that they will confer with more than one potential agency. Even with an established relationship with the business or decision maker, submitting their business as quickly as possible is wise, as it reserves your right to serve as their LWCC agent.
LWCC is committed to being the best partner possible to both agents and policyholders. Leveraging lead times like a 60-day cancellation notice to make submissions and taking advantage of the 120-day reservation window to secure new business allows agents to better serve their clients, while maximizing efficiency. When we do our best to protect Louisiana businesses, we help our entire state thrive.
Additional Resources
Here are some helpful resources that may be beneficial to our agent partners and potential policyholders, while helping to maximize efficiency.
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