For many businesses, workers compensation is a necessary, and often mandatory, insurance policy. Controlling the cost without sacrificing valuable insurance coverage is essential, and there are some tried-and-true methods for doing so.
Verify that classifications are correct. There are hundreds of classifications, and they change from time to time. Verify any classification code used on your policy to avoid a potential increase in cost at the time of audit.
Be prepared for audits. Consult with your insurance team for tips about the audit process and what steps
could be taken now to minimize an audit’s time, inconvenience and potential expense.
Review your experience modification (“mod”). Ensure you understand the process behind its calculation so any possible errors can be identified and remedied.
Discuss and formalize a “return to work” plan. Agents, brokers and insurance providers often have helpful resources for this important planning, which can boost morale and reduce cost.
