Scheduled Rating Credits: Putting Money Back in Your Pocket for Going Above and Beyond 

July 13, 2022 • Previsor

How are you going above and beyond for your employees? Do you go the extra mile to keep them safe? A scheduled rating credit is a method insurers use to recognize exceptional employers and their businesses. It allows them to offer a discount on work comp premium based on unique factors. 

Watch below as Mindi Markt, an underwriter for MEM, explains what scheduled rating credits are and how to receive one. 

What are the benefits of scheduled rating credits? 

Scheduled rating credits reduce premium cost. However, the measures needed to earn them have a big impact on a business. They reduce injuries, improve morale and help with employee retention.  

How are scheduled rating credits determined? 

A scheduled rating credit looks at how a business is set apart from the standards of its industry. This is unique for each risk and type of business.  

Scheduled rating credits are not a competitive pricing tool. Insurers don’t use them to reach desired premium amounts. Standard work comp rates already consider a business’s hazard group, loss history and experience modification factor 

What information do you need to provide?  

Specific justification is needed to add scheduled rating credit to any quote or policy. To help make this easier to identify, consider the following categories:  

  • Employees. Do employees sign off on safety rules and policies? Are they required to attend safety meetings? Is a formal training program in place? 
  • Safety equipment. Is personal protective equipment (PPE) given to employees? Do machines have guards in place?   
  • The care and condition of the premises. Are aisles and walkways kept clear? Are first aid facilities available on-site? 
  • Management. Does your business have a designated safety coordinator? Do team leaders know how to carry out incident investigations? 

A policyholder and/or agent should keep supporting documentation available for these justifications.  

How does a policyholder receive a scheduled rating credit?  

Scheduled rating credits are added at either the new business review or the renewal review by underwriters. Each justification is reviewed to determine if a credit can be applied.  

Agencies can help policyholders obtain credits by email, phone or through our online portal. Each application is reviewed by our underwriters after submission. If you’ve implemented safety policies or procedures mid-term, now is the time to share information with your agent. Agents can relay the information to MEM during renewal to open the door to potential credits. 

July 13, 2022
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