Updated: Mar 29
Are you looking for ways to reduce workers' compensation costs? If not, You need to understand the serious risk that these nasty claims pose to your business. When these claims arise, you need to be ready with a plan in place. After all, reduced workers compensation costs means higher profits and better employee-employer relationship.
Table of Contents
Introduction to Workers compensation claims
What is the workers’ compensation act?
Which injuries are covered under the workers' compensation policy?
What is the treatment received by injured workers?
What are the benefits received by injured workers?
Do you need to buy worker’s compensation insurance?
What costs do workers' compensation cover?
What is the average settlement for workers comp?
What causes workers' comp insurance costs to rise?
How to reduce workers' compensation costs?
Wisely handpick the insurance policy which suits you the most
Ensure that you are following workers’ compensation claims management best practises
Proactively reduce the number of accidents
Have a physical injury methodology set up
Put an impetus and motivation program for recently recruited employees
Actualize policies for quick return to work
Ensure you’re availing discounts available in your state
Audit your worker orders
Envisage and prevent fraudulent claims which sum up to 80% of the workers comp costs
Motivate employees with well being rewards
Analyze the effect of your Experience Modification Factor (EMF)
Understand how insurance carriers view your claims history with benchmarking reports
Incorporate an employee wellness program
Proactively Predict cost of claims and set aside premium amount
Use AI to proactively assign your most experienced adjuster on claims which may turn up severe
Grapple with recidivism (or) reopening rate
Instruct, Train and educate your employees
Gather feedback from workers