Author: Nancy Germond

The most important part of this article are these words. “Recent experience in workers comp is demonstrating how it is one line where insurers can truly control their cost of coverage by adopting and maintaining a comprehensive safety culture..." Only by building a strong safety culture can your insured control their experience modification factor, which is a critical rate component.

​This is where today's consultative agents can help. There are many ways you can help your clients control their emods and avoid a negative audit experience, including the following.

• Work with your workers compensation carriers to help your clients implement stronger safety practices.
• Help your insureds develop a return-to-work program, often available from your insurers that write workers compensation coverage.
• Remind your insureds often about the value of prompt reporting. Late-reported injury claims can increase claims costs by up to 51%, according to the National Council on Compensation Insurance.
• At least biannually, request updated payroll figures and operational changes from your insureds. Payrolls have fluctuated dramatically in the past two years as businesses felt the impact of COVID-19. Update the carrier with any significant changes in payroll.

Read the entire article at the first link; it's a good read about workers compensation in general.​

First published: September 23, 2022