3 Ways to Reduce Workers' Compensation Costs
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Hiring CandidatesOne of the largest workers' compensations claims that insurance carriers see is when candidates are hired to do one job, but end up performing another without any training or instructions. Ensure you're hiring the right candidates who are performing the job duties originally assigned to him or her.
- Dont fall into the trap of hiring just to fill a job request
- Have written instructions for job duties
- Qualify candidates based on job requirements
Selecting ClientsDuring harder financial times, some client companies look to cut corners when it comes to risk management, as safety trainings and procedures can be costly and time consuming. Partnering with the right clients who invest in client safety and have a sound loss history is vital.
- Have client selection protocols in place
- Ensure clients are financially sound and safety conscious
- Understand the clients loss history
- Review the clients OSHA logs
- Get access to a client's Experience Modification Rate and be cautious of those with over 1.35 mod
- Survey client locations with a quality checklist
- Know the codes/job that need to be billed and risks attributed to it
Reviewing AnalyticsEmployers should focus on improving their companies' risk profiles and differentiating themselves in the market. Analytics can play an important role in this effort, as you'll be able to examine the loss drivers, as well as your total cost of risk.
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