Did you know workers’ compensation insurance increased by a 14.5% December 1st?
Did you also know that the Florida Supreme Court issued opinions earlier this year that caps on attorney fees and time limits on temporary benefits were unconstitutional?
Workers compensation claims and insurance can often time cripple a business. Below are 3 ways to help reduce the number of claims.
- Pre-employment screening This requires the employers to assess candidates’ physical abilities based on detailed job descriptions. This allows you to determine before the employee begins if they can physically do every part of the job. One company who implemented this achieved premium savings of $68,500 over the first two years.
- Embed safety in your culture Creating a safety culture where everyone puts safety first is a great way to reduce worker’s compensation. But this takes time. You will need strict processes and procedures in place and have monthly reminders of how and why it is important.
- Close claims quickly Closing out claims quickly is best for everyone involved. To help accomplish this, companies should conduct a claim review in person with insurance carrier claim adjustors.
This review will help determine if the claim reserves are too high (and if they are, reduce the reserve limit). The review will also determine if some claims should already be closed due to other circumstances.
By quickly reviewing and making determinations, you can reduce annualized claims by 20%.