***This article is part of a series. If you haven’t read from the beginning please start here: WC 2.0- The Work Comp Claims Managment Program.***
The Work Comp world has changed. For decades WC was sold on the basis of who had the best dividends. When rates were more than double what they are now, not reporting claims and maximizing dividends just made sense.
Not anymore. Now the most critical objective is to KEEP YOUR EXPERIENCE MOD AS LOW AS POSSIBLE. New mantra: Take care of your Mod and the dividends with take care of themselves.
This blog is dedicated to those concepts, tools and strategies that will directly contribute to minimizing your Mod. This is Work Comp 2.0. I will not bother you with the basics of WC as that information is available anywhere. Everything I put in this blog will be something you should know regarding how to manage your WC costs and will have a direct and measurable impact. No bologna.
It is not about safety, although we believe very strongly in the value of safety training and the multitude of efforts that can be made to reduce accidents. Scott Bills, our Director of Loss Control Services, has built the best loss prevention department of any agency I’ve ever seen. Avoiding a claim in the first place is always the best option. But this blog is about doing all those things that can drastically reduce your costs after an accident and they have to be put in place before the injury occurs.
The outline is simple:
- Education- Owners, HR professionals, CPA’s and Supervisors need to know the information contained in this blog
- Policy/Procedure Changes- Basic amendments to your employee manual that allow you to implement the tools that can save you money
- Hands-On management and consultation on every WC claim
I promise you will learn more about WC and more about what truly affects your WC premiums than you ever have before. I have met with hundreds of employers and the reaction is always the same: stunned amazement that they have never been told these things…ever.
Sales Moment: I won’t do this very often, but when you learn about these simple but important WC tenets, you will ask yourself, “Why hasn’t my current agent ever told me about this?” The answer is they don’t know it. Sure they know indemnity claims are bad for your Mod and they will tell you “We can do all this for you”. But the truth is, if they could, they would already be doing it. This requires a full time COMMITMENT on the part of the agent and agency. Few agents are willing to make that commitment.
Ok, enough of the sales talk. You should also know that I believe in this. I believe it is our duty as agents to inform our clients about this, if for no other reason than NO ONE ELSE WILL DO IT. I think every employer deserves to know exactly HOW this system is rigged.
If you take the time to read this blog regularly or, better yet, allow me to speak to you directly, you will see that implementing this WC program will reduce your Mod to its’ lowest level possible, given the injuries that occur. NOT implementing it will result in the highest Mod, given the injuries that occur. I don’t know about you, but I’ll take the former outcome, please.
Finally, and this is the best part, I and my agency don’t charge a dime extra for providing this service. You will see when you read this or if we speak in person that I truly believe every employer in the state of Florida should know this and Lutgert Insurance agrees.
BTW, be sure to read the next two posts, as they give information you must have.
TL;DR (Too Long: Didn’t Read) Takeaways- There are simple, proven tools that will allow you to minimize your Experience Mod and consequently your WC premiums. Every employer should know this, but only the largest with full-time risk managers do. This blog will give you concrete information on how to accomplish that goal.
Please join our email list by filling out & submitting the form in the blue box on the right of this page and you will receive each blog post as it appears on our website. Feel free to call me at any time- Joe Carraher- W:239-280-3209 or on my Cell: 239-293-7772.