Companies with Best Information Have Lowest Costs
When doing an assessment I often ask, “Do you have at least one book about workers’ compensation on your shelf?” The companies with the lowest workers’ compensation costs have resources! Where there are three divisions in a company and two don’t have any books about work comp but one DOES, the one with the book always has lower losses and employees back to work sooner.
Companies in the know almost always have at least one book on workers’ compensation on their shelves. I’m not just saying this because Amaxx publishes a great book on Workers Comp Cost Containment; I’m telling you this because it’s the truth.
Just asking your broker or TPA is usually reactive, not proactive. And you don’t have a resource “at your fingertips” to browse at will.
Don’t Rely On Your Broker for Complete Education
Newsletters, conferences, brokers, TPAs and carriers offer great information. However, you need a resource at your fingertips, especially if you plan to teach others on your team about workers’ comp cost control. It’s not realistic to rely on your broker for a complete education. Many offer excellent seminars and have consulting expertise which can supplement the other tools you have at your disposal.
IRMI Workers Comp Handbook
Over the years, I’ve used several resources including IRMI. The IRMI Worker’s Comp Handbook is a great resource for agents, brokers, account support staff, risk managers, financial executives, insurance buyers, insurance underwriters, claims professionals, attorneys and consultants. It is a complete guide to coverage, laws and cost containment. Learn about IRMI WC Manual: http://www.reduceyourworkerscomp.com/IRMI-Workers-Comp-Guide.php. You’ll receive a 10% discount if you use our WC8 Code.
U.S. Chamber of Commerce Analysis of Workers Compensation Laws
Another good resource is the U.S. Chamber of Commerce’s Annual Analysis of Workers’ Compensation Laws. You can most likely get a free copy from your broker. This publication is updated annually for up-to-date information on state and provincial workers’ compensation laws and indemnity benefits.
You can read about our book here: http://reduceyourworkerscomp.com/workers-comp-cost-reduction-guide-book
Receive a 20% RIMS Member discount.
Don’t make the mistake many employers make and think workers compensation is just a cost of doing business. It is an expense within your control.
Having good information is your first step.
Author Rebecca Shafer, JD, President of Amaxx Risk Solutions, Inc. is a national expert in the field of workers compensation. She is a writer, speaker, and publisher. Her expertise is working with employers to reduce workers compensation costs, and her clients include airlines, healthcare, printing/publishing, pharmaceuticals, retail, hospitality, and manufacturing. She is the author of the #1 selling book on cost containment, Workers Compensation Management Program: Reduce Costs 20% to 50%. Contact: RShafer@ReduceYourWorkersComp.com.
Editor Michael B. Stack, CPA, Director of Operations, Amaxx Risk Solutions, Inc. is an expert in employer communication systems and part of the Amaxx team helping companies reduce their workers compensation costs by 20% to 50%. He is a writer, speaker, and website publisher. www.reduceyourworkerscomp.com. Contact: email@example.com.©2012 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law.
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker, attorney, or qualified professional about workers comp issues.