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Spring Cleaning on Workers’ Comp Policy

Spring Cleaning on Workers’ Comp PolicyIn our last article, we discussed some of the dangers that winter weather presents in terms of workers’ compensation claims. This time, we’re going to look at how to achieve a “spring cleaning” of your approach to Workers’ Compensation Insurance claims and protocol. Remember, it’s never too late to evaluate your practices and mitigate risk.

Evaluate risk tolerance.

Consider evaluating loss-sensitive workers’ compensation programs that offer an acceptable offset of premium for the increase of risk taken. Loss-sensitive programs offer a higher degree of control and flexibility for organizations that have effective safety programs and actively manage claims and their outcomes, recommends Woodruff Sawyer and Company.

Factor in your ExMod.

This calculation of the ExMod is pretty complicated, and there is a specific date in which a snapshot is taken of all your losses for a three-year period and then sent to the Workers’ Compensation Insurance Rating Bureau (WCIRB), explains the article. Therefore, it’s beneficial to your business if you can coordinate the review before the snapshot is taken of existing claims. This will ensure your premium is not impacted significantly.

Implement a loss control program.

Senior management’s implementation of this program is key to its success and setting the tone that safety is serious in your workplace. Depending on your industry, you will need to address slip risks, ergonomics, machine safety, and more.

Keep in contact.

While not all injuries can be prevented, they can be handled well. Stay in contact with your injured employees throughout their recovery process and determine how they are healing, when they can return back to work, and what physical limitations they might have going forward. This will ensure the employee knows they are valued and cared for.

About ASIA

Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for the past two decades and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call 610-543-5510 to speak with one of our professionals.

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