Drive Work Comp Costs Down by Controlling Claims
Even though lawmakers and recent court rulings have made broad improvements to California’s workers’ compensation system, workers’ comp remains a significant cost on nearly every employer’s income statement. Most businesses do not have the expertise or internal resources to manage claims effectively so they are forced to rely on insurance companies and other outside factors to manage their claims.
Low rates help. But, managing your claims effectively is one key way to keep your worker’s compensation premiums as low as possible over the long term. If you can keep the cost of your claims under 65% of paid premiums, you will be in a strong negotiating position with the insurance market. You can also produce immediate savings by hiring the right insurance and claims professionals who can manage this process for you. Here are a few ideas from Orion’s experts:
Expedite Settlements
Lisa LeBlanc, Orion’s Director of Claims advises, “Be diligent. Clear the way for your employees to get well.” A good claims management strategy will focus on these objectives:
- Facilitate immediate treatment for the injured employee and manage the rehabilitation process to get them back to full strength as soon as possible.
- Educate your employees. Make sure they understand how the process works and are comfortable with the care options, should injury occur. Making the employee feel looked after goes a long way in keeping relations positive.
- Offer injured workers light duty to maintain their full wage. Work with your medical clinic to encourage the doctor to offer light duty. This can help mitigate lost time injuries.
Improve Prevention
While rates are low, you have an opportunity to use current premium savings to reinvest in safety programs. “Be creative and start simple. Create awareness among your employees about the benefits of safety for both them and the company and build a work culture where everyone makes a conscience decision to work safer,” LeBlanc says. “Then, add other creative components that reinforce the safe behaviors, like training and incentive programs.” The cost of workers’ compensation goes beyond what you pay in premium. Orion can help you get better control over the resources spent on prevention and claims. Click or call (626) 737-6088 and we can help evaluate your safety programs, open claims or workers’ comp protection.
Please click or call (626) 737-6088 for more information.
|
