Workers Comp Premium Reduction – Top 10 Desktop Items
I was asked at a recent conference by an owner of a medium-sized business – What do I need to obtain to immediately cause a Workers Comp Premium Reduction or lower reserves? I thought for some time and came up with the following list. These should be scanned into a folder on your computer desktop called WC Reduction. Each item below should be a sub-folder:
- Your company’s most recent loss run and the past three loss runs or online access to your Workers Comp claims.
- A status for each of your open claims – may be in #1.
- Experience Modification Rating sheets – provided by NCCI or your rating bureau.
- OSHA Log
- Your Workers Comp adjuster(s) email – notice I did not say phone number.
- All first reports of injury filed with your insurance carrier for the last two years – may be in #1 if you have online access.
- Knowledge or instructions how to file claims online with your insurance carrier.
- The name and contact info for a local industrial minded physician along with the contact info for a local orthopedist for referrals from the original treating doctor.
- An email address for you that does not block too much spam and that you check often, and a promise to look in your spam box more often.
- Your local safety council’s contact information or local trade group.
I could have added more. The idea is to have all of this info at your fingertips – better known as your computer desktop. The need for some of these is very obvious. Others may need additional explanations.
I will cover the first one in this post. I will leave the others for later. Brevity is best. The reason that you will need your loss runs is obvious. If you do not know what claims you have now and have had over the last two years, there is no way to identify trends. Some of the great loss run reports (paper or online) allow you to sort your loss runs by types of injuries, cause of injuries, etc.
This is golden for your company as you can start to identify the origination of the injuries. If you notice severe wrist sprains for instance, you may want to investigate the source further. An injury that never happens will reduce your E-Mod dramatically. This is admittedly a very basic way to use your loss runs. Loss runs also contain critical info such as here and here.
I will cover the remaining list of workers comp premium reduction techniques in the next few posts.
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