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How to Save Money on Workers Compensation Starting Right Now

TABLE OF CONTENTS START SAVING MONEY RIGHT NOW Overview HOW YOUR COMPANYS PREMIUM IS CALCULATED PLENTY OF ROOM FOR COSTLY MISTAKES Classification codes Excludable remuneration items Experience modific

Start saving money right now Overview Yes, your workers comp expenses are sizable If youre like most employers, you think of workers compensation as insurance youre required to have, like it or not. Y

Groups with highest incidence of workplace injuries and illnesses Note Incidence per 10,000 fulltime equivalent employees, in private industry. Numbers rounded to nearest whole. Note Unless otherwis

How your companys premium is calculated The amount you pay for workers compensation coverage is based on audited payroll as well as by loss data submitted by your insurance carrier to the rating board

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Plenty of room for costly mistakes Classification codes In determining premiums, insurers use hundreds of classification codes. Each code carries a rate that represents the amount of exposure, so the

should not be paid, but paid at the straighttime rate. Among the items that should be excluded are Tips Employer contributions to qualified insurance Stock or retirement plans Pay for active m

Indemnity costsPayment usually twothirds of an employees average weekly salary for time the employee is unable to work, plus any scheduled payouts for total or partial permanent disabilities. Other

Parts of body most likely to be injured on the job, by incidence rate Note Incidence per 10,000 fulltime equivalent workers, in private and public industries. Numbers rounded to nearest whole. 11

Moving forward Costs are rising Direct costs of injuries are increasing The direct medical costs of workplace injuries are estimated to be about 60 billion. In 2016 and 2017, medical costs in the Unit

Note Incidence per 10,000 fulltime equivalent workers, in private and public industries. Numbers rounded to nearest whole. Additional revenue needed to make up for a workplace injury The chart below

Lowering future costs What you can do Start saving with a new or updated safety program Prevention is a key principle of risk management. One of the best ways to reduce your companys workers compensat

Steps you can take today to make your workplace safer Dont wait until after a workplace injury to address safety. The safety of all employees should be prioritized as a companyand personalvalue, not a

Be sure to write down all home and workplace contact information for anyone involved in the accident or individuals who witnessed it. Include street and email addresses, office phone extensions, and

Incident report forms should be available in locations throughout the workplace. Forms also should contain plenty of space for each accident victim or witness to describe the incident. Among the criti

Certain claims often viewed suspiciously Specifically, many employers dont believe that some injuries are serious or even validespecially when it comes to socalled cumulative trauma injuries. For exam

Heres what Genex says The first 030 days following injury is a critical window for identifying referral indicators. Claims that utilize case management within 03 months of the injury are twice as like

A poll commissioned by the National Patient Safety Foundation found that one in six people had personally experienced a medical error related to misdiagnosis of an injury or ailment. A trained nurse s

By incidence rate in cases involving days off from work Firefighters Nursing assistants Highway maintenance workers Emergency Police and Medical sheriffs patrol Technicians and officers paramedics

Factors that Affect Return to Workand Your Bottom Line Some workers comp claim managers focus almost exclusively on keeping medical expenditures as low as possible. Evidence shows that paying more att

Workers may fear going back to work and possibly reinjuring themselves. Or they may fear that their absence has diminished them in the eyes of their coworkers. Or they may not like the idea of working

Physicians need more substance abuse training Due mostly to physicians lack of training in substance abuse disorders, not all physicians are familiar with the dangers of opioid addiction. Monitoring p

More frightening, even if workers are not addicted to pain medications or heroin before they are injured, opioid abuse becomes a looming danger if and when they are hurt. Moreover, utilizing case man

Cost of showing compassion and concern for an injured worker accidents and encouraging workers to return to work quickly, however, can result in up to 40 discounts. These steps also can prevent premiu

Thirdparty responsibility When an injury is caused by factors beyond your companys control Theres no doubt that trying to save money by cutting corners on appropriate medical care is counterproductive

How Expert Cost Recovery can help you As you can see, there are many ways to save on workers compensation costs. These include obtaining refunds for previous overpayments, as well as reducing your pre

We also can ensure that you take advantage of all of the available discounts and credits to which you are entitled. They include Contact us for a free, noobligation consultation to see how we can hel

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