Workers Comp Insurance Tips

Tips for Workers Comp Insurance Buyers

• Implement safety and health programs to address common risks, especially when using a loss sensitive workers’ compensation program.
• Conduct routine safety training for employees of all ages and experience levels.
• Consider implementing various digital solutions, such as wearable safety technology and AI tools, to help prevent incidents, treat employee injuries and navigate the claims process within your workers’ compensation program.
• Regularly review your experience modification factor (mod) with your insurance professionals to fully understand how it impacts your premiums. A mod is an indicator of your claims history compared to similar businesses, and even small changes can have a big effect on your costs.
• Establish workplace wellness initiatives aimed at preventing or treating chronic health conditions and improving the overall well-being of your staff. Additionally, consider incorporating mental health resources and support options within employee wellness offerings.
• Develop an effective return-to-work program that properly supports employees in the process of healing from a work-related illness or injury and resuming job duties following their recovery.
• Develop policies and procedures aimed at helping remote employees make their workspaces more ergonomic and prevent injuries while working from home.
• Ensure accurate payroll projections. Correct wage information is critical for accurate premium calculations, especially amid rising inflation concerns. Errors in payroll projections could present serious consequences, such as inadequate rates, insufficient benefits or a lack of ample coverage following costly claims.
• Pay close attention to applicable state-regulated and carrier-negotiated fee schedules for workers’ compensation coverage. They allow employees to receive much-needed health care for work related illnesses and injuries without significantly driving up claim costs, even with medical inflation issues on the rise.
• Have clear processes established for handling workers’ compensation claims as diligently and efficiently as possible. Effective claim management protocols can often help mitigate claim severity and prevent similar losses from occurring in the future.

If you’re ready to shop your workers comp insurance, contact us for a free insurance review and quote.