Employers, including those with a fully insured program have the ability to help reduce their worker's compensation claim costs by working closely with their agent/broker and carrier's claim and loss prevention representatives. Developing those relationships goes a long way toward reducing costs both pre- and post-loss.
Encourage your injured employees to communicate with your carrier's adjuster by promptly responding to their questions and providing the requested information. Involve your agent or broker and inquire as to whether they have a claim advocate to schedule and attend claim reviews with you. Whether or not they have claim advocates, your broker or someone from his or her office should be involved with your claims and your account. The claim review presents an opportunity for your carrier to talk about the status of each claim, the plan going forward and the financials (paid and reserved amounts with reserve rationale) with you and your agent/broker.
1. Discuss with your agent/broker and carrier expenses such as law firms, nurse case management companies, surveillance and medical management vendors and ways to reduce costs.
2. Respond promptly to requests from your carrier for wage statements or other information necessary to adjust the claim properly.
3. Share with your carrier information you "hear" including that an injured worker losing time from work may be working elsewhere or active beyond his or her restrictions.
4. Educate your management staff so injury reports are completed and claims reported immediately to your carrier.
5. Follow the recommendations made by your carrier's loss control representative. They're experts in recognizing hazards and recommending changes that will prevent injuries.
6. Implement a strong early return-to-work program that's actively managed to eliminate to the extent possible lost workdays, and lost-time benefits.
7. Engage all employees to watch for hazards, such as spills on the floor and clean them up before someone slips and falls.
8. Request feedback from your carrier and agent concerning your practices relative to reporting and managing claims and loss prevention. They can help identify and prioritize areas for improvement such as timely reporting, providing documents and information or preventing claims resulting from the same hazard (an area of torn carpet causing tripping). (workersxzcompxzkit) 9. Partner with your agent/broker and carrier to reduce claim frequency and costs. These business partners should be more than willing to work with you in cost containment and loss reduction efforts.
By following these few simple steps you just might be surprised how you can reduce your costs of workers' compensation and provide a safe environment for your employees.
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.
Podcast/Webcast: How To Prevent Fraudulent Workers' Compensation Claims Click here http://www.workerscompkit.com/gallagher/podcast/Fraudulent_Workers_Compensation_Claims/index.php
WC Books: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues. ©2009 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact Info@WorkersCompKit.com