Archive for May, 2016

Lower Job Classifications Mean Lower Premiums

Posted on May 15th, 2016 by admin@compwork

To keep their premiums at the lowest cost each year, it’s not unusual for businesses to seek job classifications with lower ratings. Workers’ Compensation guru, David Leng, explains in his book, Stop Being Frustrated and Overcharged Year After Year by Your Workers’ Compensation Program, this practice can actually backfire. He cites the case of a […]

Delays In Reporting Claims Can Increase Costs By Over 50%: Study

Posted on May 11th, 2016 by admin@compwork

One of the overarching principles of workers’ comp cost control is early reporting and intervention. About fifteen years ago, a groundbreaking study by the Hartford Financial Services Group found that injuries reported between the 4th and 5th week following an injury are 45% more expensive than those reported in the first week. While the details […]