Maybe you thought the claim was not legitimate, or the worker was exaggerating the disability, and were surprised the adjuster settled the claim “out from under you.†Maybe you have a one million dollar deductible, so it is really your company’s money. You do not understand it.
You need to check your Account Instructions. You probably have not retained settlement authority. Or, if you did, you failed to put that in writing. If it’s not in writing, it’s not part of the agreement. IF you want to be involved in the settlement decisions — and if you are trying to control your workers comp costs you surely DO want to be involved in those decisions — you need to contact your broker and tell them a) you want to review your account instructions and b) change them so you have “settlement authority.”
You need to use those words. It’s called “settlement authority.” There’s a big difference between “authority” and “consult” …. someone might try to get you to agree to having “settlement consult” and all that means is they’ll call you and let you know what they intend to do! Ok, maybe some will involved you in the decision, you it’s not as high a level of discussion as if you have “settlement authority.”
For more cost savings tips go to WC Cost Reduction Tips.
