The Top Ten Ways to Reduce a Work Mod

Often i get the same question over and over from our work comp clients.  How do i reduce my work comp mod factor? I recently sat down with our team and we wrote out the "Top 10 Ways to Reduce Your Workers Comp Cost"... thru reducing your comp mod. Listed below are the top 10 items you should consider implementing...If you have any questions please feel free to give us a call! Phone: 1-877-222-8765

        1. Enact a return to work program
appropriate for the employee’s limited work abilities. 

2. Conduct pre-employment, post accident and random drug testing.

3. Implement a robust safety program that starts with initial new hire training, is followed up on a regular basis, and places the burden of accountability on the line managers. Safety programs have been highly recommended for years.  Apparently, they are not very effective unless senior management emphasizes the strategic importance of these programs to the organization as a whole.

4. Verify the accuracy of your experience modification computation.
     Mistakes are rampant in this industry and more common than you think!  

       5.  Report and manage claims promptly.
            The longer the injured employee suffers, the longer the medical and disability period will last thus the higher your premium.

6. Carry a large deductible and pay smaller claims.
     This will vary by state depending on whether you are in a gross or net reporting state.

        7. Review claims with your claims handling administrator on a regular basis for a certain claim threshold.
            (i.e. claims greater than $10,000). 

        8. Be aware of tasks that seem to repeatedly cause injuries and change the nature of these tasks.
An ounce of prevention is worth a pound of results

9. Motivate your employees and their managers by highlighting the true cost of the loss.
    The motivation, which can be accomplished through analyses such as those provided in one our programs like ModMaster,
     helps make implementation of  these numbers a breeze.

10.  Implement a company wide rewards program for reduced claim frequency.

Thanks for Reading,

Terry Young
SRS Insurance Group
Ph:  1-877-222-8765



Posted 10:47 AM

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