The true cost of a company’s Workers’ Compensation program

Workers’ Comp is the only insurance coverage over which you have complete cost control by understanding how the system is structured. Knowing the rules is paramount to making sure you pay your Workers’ Comp at the lowest legal minimum.

Certified WorkComp Advisors are adept at recovering premium dollars resulting from overcharges.

While recovering money from overcharges is more than worth the effort, preventing them is a long-term benefit. Here are 10 keys to prevent overcharges from robbing your financial statement:

1. Check your Experience Mod work sheet to confirm it’s 100% correct.
2. Establish relationships with medical providers that understand the Workers’ Comp system.
3. Delete the words “Hospital emergency room.” Only send injured employees to an ER as a last resort.
4. Take injured workers to the doctor/medical providers. Show your worker and the med provider how much you care.
5. Know the importance of proper payroll reporting. Report and pay premiums only on the payroll that is necessary. You may have been overcharged for a considerable period.
6. Even reporting lower payrolls may result in higher costs because of how the system operates.
7. Demonstrate a zero injury tolerance. Continually stress and educate your team on the disastrous effects of on-the-job injuries.
8. Check to see that you are receiving all the forms and information you are entitled to from the insurance company so you can monitor progress toward a minimum Experience Modification Factor.
9. When your insurance company pays for medical treatment and lost wages to an injured employee due to an injury resulting from a third-party’s negligence, make certain you have a process to follow up with your insurance company for recovering money spent so you are not penalized.
10. If you are a 24-hour businesses or multiple location/state business, do you have standard processes to cope with after an hour or multiple state differences?