Your experience modification factor (more commonly referred to as an ExMod) is a vital component in the calculation of your Workers’ Compensation premium. If you can manage your mod, you can lower your insurance costs significantly – so we’ve compiled this list of tips that will help you keep costs under control.
1. Investigate accidents immediately and meticulously – take action to ensure that the mistake is less likely to happen again, and be wary of fraud.
2. Report all claims to your carrier as soon as possible. Alert your carrier to any serious, potentially serious, or suspicious claims. Pay close attention to the progress of the claim, and frequently converse with the adjuster to assure that the claim gets resolved as quickly as possible.
3. Upon release from treatment, incorporate a policy that keeps injured employees working – light duty that conforms to the doctor’s instructions. This is known as a Return To Work Plan. Supervise these employees to ensure their conforming with restrictions.
4. In significant cases that involve lost time, be sure to convey to the claims adjuster your interest in returning the injured employee back to gainful employment. You are paying for it either way and it is better to have them under your supervision doing modified work than have them sit around at home.
5. Establish safety performance standards for those with supervisory responsibility. Compliance with these standards should factor into an employee’s performance appraisal.
6. Create a written safety program (aka Illness and Injury Prevention Program) and advise employees of their individual responsibilities for workplace safety. Incorporate a disciplinary policy that holds employees accountable for breaking rules, and rewards them for following appropriate safety procedures.
7. Formally and informally communicate with employees on the importance of safety on a frequent basis.
8. Make safety a priority – senior management should be visibly supportive of the safety effort and its improvement.
9. Carefully evaluate accident history and close calls at least monthly. Look for patterns and take corrective action, prioritizing the worst problems.
10. Partner with an agency that doesn’t stop at getting you a quote – Insurance Incorporated can provide your business with the resources you need to keep you and your employees educated and aware of the latest news regarding workplace hazards. Our program provides you with safety programs, employee handbooks, safety meetings, Human Resource tools and compliance documents specific to your type of business, up to date with the latest safety standards for your workplace, completely free of charge. Contact us today for more information on Worker’s Compensation coverage and the additional support your business deserves, but are probably not receiving.
