Five Secrets To Saving On Work Comp Costs
The five secrets to save on Work Comp Costs are actually based in common sense.
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:
- 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
- Medical network in place – where will your injured employees treat for their injuries?
- Return to work plans for an injured employee – a big premium saver if you have a RTW program.
- How the employee is treated by the employer – they are still your employee
- 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 audit.
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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