We’ve created this library of five videos to tell the story of workers’ comp in fast forward.
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. See the success stories here.
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:
- Check your Experience Mod work sheet to confirm it’s 100% correct.
- Establish relationships with medical providers that understand the Workers’ Comp system.
- Delete the words “Hospital emergency room.” Only send injured employees to an ER as a last resort.
- Take injured workers to the doctor/medical providers. Show your worker and the med provider how much you care.
- Know the importance of proper payroll reporting. Report and pay premiums only on payroll that is necessary. You may have been overcharged for a considerable period. Even reporting lower payrolls may result in higher costs because of how the system operates.
- Demonstrate a zero injury tolerance. Continually stress and educate your team on the disastrous effects of on-the-job injuries.
- 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.
- 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.
- For “first-aid” type injuries, treat them yourself. Typically, claims of $500 or less carry substantial penalties. Payments of $500 or less, penalize you. We’re not suggesting you pay them, but review with your insurance company to see if there’s a better process for reducing your costs caused by smaller payments by the insurance company.
- If you have employees in other states, different rules may apply. Check them out.
- If you are a 24 hour business or multiple location/state business, do you have standard processes to cope with after hour or multiple state differences?
Human Resources is the key to creating a zero injury culture
While workplace health and safety policies and procedures are developed in response to a myriad of local and federal laws, they fall short when they do not influence employee behavior. Through IWCP’s comprehensive workers’ compensation training, Certified WorkComp Advisors work with HR professionals to build a “zero injury culture” that leads to higher employee morale, increased productivity, and reduced hiring and training costs.
How CWCAs help build a zero injury culture:
- Put in place hiring practices designed to avoid hiring a Workers’ Comp claim waiting to happen. Hiring practices that include post-offer/pre-placement steps can make a difference.
- Encourage a culture of openness and transparency among management, supervisors and employees.
- Educate supervisors in how a “just get it done” attitude leads to unsafe practices.
- Establish workers’ compensation training for supervisors: Having the right skills to manage the human issues and work environment as well as the injury. Employees who work for trained supervisors have less lost work time.
- Set up injury reporting and investigation procedures that work efficiently and effectively.
- Implement return to work programs that everyone embraces.
- Develop management commitment that goes beyond lip service.
- Navigate the minefield of confusing overlaps in FMLA, ADA and Workers’ Comp.
- Recruit and retain the best employees who care about their own well being and the well being of co-workers.
- Benchmark and measure regularly. When team members know management cares, they care.
- Recognize the Red Flags that could signify fraudulent injuries. Click here.