Archive for: Cost Control

There’s much good news in workers’ comp – rates have fallen in most states, frequency of injuries continues to decline, and the industry is healthy – but employers should be concerned by the rising costs of claims when they do occur. Workers comp is one of the most loss-sensitive insurance policies – the more you […]

As Certified WorkComp Advisors (CWCA), we are trained, certified, and mentored by the Institute of WorkComp Professionals (IWCP) to guide employers to the lowest possible workers’ comp costs. Kevin Ring, Chief Operations Officer and Lead Workers Comp Analyst of IWCP recently reported on a consequential pattern that is emerging from Workers’ Compensation audits across the […]

It is obvious, yet often overlooked, factor in controlling the costs of Workers’ Compensation. It is the immediate supervisor, or more accurately, the person who is the perceived loss of the injured employee. While this may seem like a no-brainer, in the typical injury management process the supervisor’s involvement ends after the due diligence of […]

Throughout much of the country, declining Workers’ Compensation rates are music to employers’ ears. After all, that seems like long-awaited good news, particularly since Workers’ Compensation is more often than not viewed as a necessity and a significant cost of doing business. Yet, looking at Workers’ Compensation as a business necessity or a commodity is […]

Most business owners and managers purchase Workers’ Compensation in the wrong way. About 90 to 120 days before their policies expire, they put it out to bid and get quotes. Once in, they review the prices and usually select the policies with the lowest premiums. While this may sound like a good business approach, it’s […]

Due to today’s economic conditions, more companies are looking for anything and everything they can do to give themselves a competitive advantage. Often times it’s their Experience Modification Factor (MOD). And easy to overlook, it is, since employers tend to be somewhat uninformed when it comes to Workers’ Compensation. Although it’s certainly a significant employee […]

Healthier employees lead to lower premiums, according to numerous studies. If companies can help their workers improve their health without cutting benefits or shifting more premium costs to employees, where is the downside? After all, Fortune 1000 companies have been using wellness programs for years to combat the rising costs of healthcare. So, the question […]

A recent report by the American Association of Family Practitioners notes that occupational diseases account for 860,000 illnesses and more than 60,000 deaths each year. And this runs the gamut of causes, everything from coal miners contracting black lung disease to assembly line workers in meat packing plants developing carpal tunnel syndrome. It would be […]

As year-end approaches, many businesses turn their attention to tax planning with the goal of minimizing federal and state taxes. Few invest a similar amount of time in reviewing their Workers’ Compensation, even though significant dollars are at risk. When a Workers’ Compensation policy is set up, premiums are based on an estimated risk. After […]

Rising medical expenses are the culprits driving up Workers’ Compensation costs. While it’s true that Workers’ Comp rates are mostly flat or going down, any savings is being more than eaten up by higher medical bills. With the possible exception of safety issues, many employers feel that Workers’ Comp costs are beyond their control. As […]