Workers Compensation Basics

Workers' compensation insurance is a state mandated program of benefits for injured workers that includes an insurance policy designed to provide benefits based on a state’s workers' compensation law.

~Review employment classifications on your work comp insurance policy for accuracy. Each employee in your operation is classified based on your company's work and the job they perform. Putting a clerical person in the metal working code results in an error that increases your premium dramatically.

~Check the accuracy of your experience modification. Your "mod" is the ratio of actual losses to expected losses. It's one place that you control the cost of your workers' compensation

~Develop procedures to report and manage claims aggressively. Managing your workers compensation claims will help you control your premiums. Claims management also means your employees come back to work sooner.

~Build safety into your operation. Consider a safety committee. Company leaders and supervisors must "walk the talk" in safe operations.

-Investigate worker accidents to aid in prevention of future claims. Understanding what happened in the past will teach you what to avoid in the future.

~Aggressively work to bring injured workers back to the job after an accident. Use light or limited duty programs to return people to work.

~Understand the workers compensation audit process. Work with your insurer to correctly allocate employees to the proper classification.

~Consider self insurance and group self insurance programs.

~Be sure overtime payroll is properly accounted for. Overtime is charged on your workers compensation policy as straight time. If an employee makes $10 an hour his overtime wage would be $15. Workers compensation should only be charged at the $10 wage.

~If you have employees that work in states other than the state you are located in be sure your workers compensation insurance policy responds appropriately. Not all work comp policies respond to all state laws.

~If employees travel overseas consider an international workers compensation insurance program to address issues of repatriation and endemic disease.

ModManager Tool
ModManager is a simple to use software tool you can use to review the components of your workers compensation experience modification. One simple tool to help you see and judge your success at controlling your employee injuries.

Workers' Compensation Insurance Video - Save Money on Your Policy - Fast paced info on controlling your workers compensation premiums.

Workers' Compensation Insurance Video - Understand Your Experience Modification Worksheet - Easy to understand explanation of your NCCI experience modification worksheet.

Customized Help With Your Workers Compensation Experience Mod
We can provide you with a simple, easy to understand report that explains to you why your experience modification factor is what it is. Are your losses to big? Are you having too many losses? Along with your report you get a phone consultation to help you solve the problems of your mod and workers compensation policy.

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