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Five Secrets To Cutting Your Workers Compensation Costs


Five Secrets To Saving On Work Comp Costs

The five secrets to saving on Work Comp Costs are based on common sense.

Boy Whispering Into Girl Ear Five Secrets Picture

I have in a roundabout way over the last few weeks covered a few of the secrets (that are not so secret) to cutting your company’s Workers Comp costs.

The five are:

  1. Timely reporting of the injury to the insurance carrier/TPA – The carrier or TPA cannot begin a timely investigation without the First Report of Injury 
  2. Medical network in place – where will your injured employees be treated for their injuries?
  3. Return-to-work plans for an injured employee – a big premium saver if you have an RTW program.
  4. How the employee is treated by the employer – they are still your employee
  5. Understanding Your Premium Audit – review it and ask questions when you receive the premium audit bill.

If you look over the last few posts, the first three have been covered. I will cover #5 – Understanding Your Premium Audit in the next post or two.

#5 was added after considering that the final part of the policy process is a premium audit.   Your premium audit can be thought of as the final bill for your policy.  There will be quite a few upcoming articles on premium audits.

A Sixth Key will be added to the list in the future.  I have two different secrets or keys that I am considering adding to the list.   Both could be added to the list.  However, I will likely stop at Six instead of Five Secrets.

Update – The Sixth Key has been added to the original five.  Please check here for the Six Keys.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications


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