Who's Minding your Workers' Compensation Program?

Now more than ever business owners have to be minding each aspect of their business for efficiencies and making sure all the i’s are dotted and the t’s are crossed. No doubt, workers’ compensation claims have been on the rise given the pandemic since last March. In some states there’s been an increase as much 20% of overall workers’ comp claims. Workers are under differing amounts of stress and every workplace has been turned upside down.

Add to that the sense of uncertainty of what may (or may not) be around the corner… and you have a recipe for workers’ compensation claims. There are still many questions that states across the country are working to resolve. Namely, does workers’ compensation apply to COVID related cases. The landscape changes from state to state.

At the very heart of workers’ compensation however, there are some things you might want to consider as you inspect your current workers’ compensation program to ensure there are no gaps:

1. Shop your insurance not just for price but for services offered. Not all carriers have the same rates and services. While they all have the same starting point, the rates they charge can differ. In addition, some carriers provide services to help control your claims costs and/or assist with your safety program.

2. Be proactive and start getting safety conscious. Instill this philosophy on your employees. The best way to control your w.c. costs is by not having claims.

3. Pay for first aid claims. NYS w.c. law allows for employers to pay for claims that are defined as first aid.

4. When an accident does have happen get involved. Don’t just report it and let the insurance company deal with it. There are things you can do as the employer.

5. Monitor your claims and reserves. These are taken into consideration when calculating your experience modifier. Frequency and severity can negatively impact your experience mod.

6. Periodically review your operations and assigned class codes. If your operations have changed so may have your class codes. Also, make sure that employees are assigned the correct class code for the work they perform.

7. Work with a knowledgeable agent with expertise in workers’ compensation to assist in controlling costs associated with your workers’ comp program. An independent agent has access to many markets and resources and can tailor a plan for your operations.

For questions about Workers’ Compensation insurance, contact CH’s expert, Tony D’Amato at 315-234-7500 or email. Tony’s in your corner.