Workers’ Compensation: A Cost Savings Opportunity
2020 was a year unlike any other. Similar to other sectors of the economy, the commercial insurance industry is experiencing ongoing changes. The events of 2020 in many ways accelerated a hardening insurance marketplace – a less friendly market to insurance buyers. Premiums are on the rise for most lines of coverage.
Unlike other lines of commercial insurance, the rates in the Workers’ Compensation market have remained mostly stable. Organizations can help mitigate the costs of other lines of commercial insurance by securing favorable Workers’ Compensation rates. Below are ways to help organizations set themselves up for success.
Ways to Control Workers’ Compensation Insurance Costs:
- Conduct regular training on safety and empower employees to identify violations or hazardous situations
- Check modification factor data for completion and accuracy
- Provide injured employees with light-duty upon release from treatment and follow doctor’s instructions – emphasize return-to-work as quickly as possible after an injury
- Analyze the facts and circumstances of each accident and, where possible, implement changes to prevent similar accidents going forward. Document these changes and communicate them to your insurance partners during the renewal and loss control process
- Train extensively: ramp up your organizational safety efforts and injury prevention methods—particularly when it comes to preventing falls, motor vehicle accidents, and “struck-by” incidents
- Work with your insurance partner to perform claims management programs, focused on outstanding reserves and efficiently resolving open claims
- Report any incidents to your insurance carrier immediately so they can proactively address medical care for the injured employee and investigation of the accident
- Implement and enforce workplace health and safety measures to help protect employees from COVID-19 exposure
RBN Can Help
RBN can establish a proactive safety and claims management program to reduce losses to impact your mod score favorably and, therefore, your worker’s compensation premium. RBN has extensive resources to help you promote safety and control your workers’ compensation premiums. You need an insurance professional who understands your business and its unique risks and will advocate on your behalf.