As we talk to our policyholders and insurance agents, questions frequently arise regarding one of the essential components of the worker’s compensation policy: payments.
We’re going to walk you through a series on the types of payments accepted and common questions over the next few weeks, but, in the meantime, here are some key reasons to send your LCI payments on time:
- Avoid costly fees. A $50 late fee will be charged once a cancellation notice is issued.
- Obtain your certificate with no fuss. If you make your payment on time, you will not have to jump through hoops to receive your certificate of insurance from your agent. This process becomes more difficult if you have to go through the reinstatement process of a cancelled policy.
- The earlier you pay, the easier to maintain. If your policy payment is received in a timely manner, there is no scrambling to get that next installment paid as the clock is ticking.
For your convenience, we provide each insured with a monthly invoice which states the amount due, along with the due date and a self-addressed envelope. We also provide the option to make payments online through our member portal (http://members.lciwc.com) for a $10 processing fee (excludes monthly reporting, cancelled policies, and NSF checks), and over the phone for a $20 fee.
Check out our next post in our payment series, where we go in detail about the methods of payment available to members.
Blair Bryant has more than five years' experience in LCI's Finance Department. Feel free to contact Blair for any billing questions you might have. She can be reached at 985-612-1230.