Reducing Lost Work Days Will Control Comp Costs
Today we’ll talk about reviewing how reducing lost days will help employers control workers’ comp costs.
To calculate the financial impact of having too many employees out of work, and not having a light duty, modified duty or transitional duty work program, use the http://www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php. The Calculator is very helpful in showing employers how much they can save in EBITA or sales by returning injured employees back to work within an appropriate disability duration time period. According to the 2009 RIMS Benchmark Survey, last year, the average cost per employee of workers’ comp was $755.
The survey gives more detail by breaking down by size of company and by 14 industry groups. Typically, the cost per employee is less for larger companies, most likely due to the fact they have a larger base over which to spread the cost of risk.
Your insurance broker, third-party administrator or insurance company in most cases can assist you in developing a program to lessen the cost of workers’ comp insurance and retained losses. Amaxx also provides a cost-reduction program in conjunction with Advisen, LTD. There is a discount for RIMS members.
Finally, in order to start attacking the problem, it is important to find out why the costs are high. Getting your http://www.ReduceYourWorkersComp.com/workers-compensation-target-score.php is an excellent way to begin. (workersxzcompxzkit)
Much like a credit score, the employer learns how many best practices they have implemented in each business location. There is also a discount for RIMS members.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.
WC Best Practices IQ Test: http://www.workerscompkit.com/intro/
WCBooks: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php
WC Calculator: www.reduceyourworkerscomp.com/calculator.php
A NEW Article: Return to Work in Unionized Companies
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workman’s comp issues.
