Workers’ compensation insurance is a little complex, at times. Finding ways to save on workers’ compensation costs requires innovation on the prevention side, and a little savvy on the financial side.
A key factor for determining the amount of premium you will pay is the Experience Modifier (E-Mod). This is the multiplier applied to your manual premium rate, which determines how much premium you will be charged. If you are self-insured or have a high-deductible plan, your equivalent of the E-Mod is the Loss Development Factor (LDF).
Your injury prevention programs are the first line of defense. Decreasing the frequency of claims has a big impact on the E-Mod. Proof:Positive can help your organization drive claim frequency down through their Injury Prevention Programs, Ergonomics Evaluations and Safety Training. Investing a small amount in prevention can pay big dividends each year at policy renewal time.
It is also important to work with the right professionals once a claim has occurred. By utilizing health care professionals that understand the concepts of early return-to-work and streamlining the claim process, you can greatly reduce the severity of the claim. By delivering appropriate care and re-introducing the employee to the workplace in a timely manner, Proof:Positive helps “cut the tail off” of workers’ compensation claims. This will help drive your E-Mod down, as well.
By viewing just the workers’ compensation finance costs, the ROI on the prevention/claim management investment is compelling. If productivity increases are considered, these investments become imperative. Contact Proof:Positive to capture these savings, today!
