Workers Comp New Years Resolutions – Kicking The New Year Off Right
Your New Years Resolutions for Workers Comp are listed below. Now that the New Year is upon us, I was trying to think of the resolutions that employers might have to save on their Workers Comp premiums.
As an employer, to reduce our Workers Comp budget, we will:
- Always review everything that we receive about our Workers Comp policies and audits
- Request that our agent forward us all policy documentation for our review
- Always cooperate with the premium audit process
- Compare our new policy with last year’s policy and audit
- Review all loss runs we receive for accuracy. Request online access to have the most current info.
- Initiate first report of injury, medical referral, and return to work procedures
- Review our safety program quarterly
- Examine all types of insurance including large deductibles, captives, and all other programs available to us
- Self Insure if we are large enough to do so
- Know who our Workers Comp adjuster(s) are for our claims
- Keep abreast of any major changes in the Workers Comp laws in the states where we operate or are expanding to in the near future.
- Make safety even more important this year. Increase the budget for the safety or risk manager.
- Do not sign anything to do with Workers Comp if we do not understand it. Ask for assistance from your agent on understanding any form before signing it or use a Workers Comp Consultant.
There are other resolutions that we recommend for employers. The previous list will help prevent the highest Workers Comp costs.
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