Few insurance professionals offer the knowledge needed to properly manage your workers’ compensation costs. We commonly identify elementary errors within the classifications of job duties, correcting unnecessary increases to your annual premium.
We find that more than 50% of businesses are paying too much for workers’ compensation. Companies like yours lose thousands of dollars each year due to costly errors. Do you?
Our WorkComp Solutions Advisors are certified experts in workers’ compensation, recognized for their knowledge and ability to properly manage your policy. Do what is best for your business - choose to work with an expert.
You just paid for your premium renewal, then BAM! You're hit with an audit.
Did you know that 80% of workers’ compensation audits contain
costly errors that could have been avoided?
WorkComp Solutions provides you with Audit Defense - analyzing each and every audit for accuracy, often catching costly errors that would otherwise go unnoticed. We pride ourselves on our ability to keep your audits in check, helping you pay only what you truly owe.
Who is responsible for managing your insurance claim?
While insurance companies are responsible for paying claims, we make it our responsibility to ensure claims are properly managed.
We will audit your injury reporting process and identify opportunities for improvement, resulting in the best possible care for your injured workers. We also provide you with a dedicated Claims Advocate who works on your behalf to make sure claims are paid accurately and on-time.
Experience... It's More Than A Factor.........
Businesses with workers’ compensation premium in excess of $7,500 are exposed to an experience modification factor -
a measurement of how you perform vs. your peers.
A high experience modification factor substantially increases the cost of your workers’ compensation policy, with the
potential to more than double the premium that you are paying.
We find that more than 90% of experience mod factors are miscalculated or mismanaged.
WorkComp Solutions reviews each experience modification factor for accuracy, while providing the education and support needed to properly manage it. We work with you to prevent and reduce workplace injuries, helping you earn a credit from your experience modification factor - freeing up cash for you to reinvest in your business.
7 Work Comp Secrets that are Costing you Plenty
Insurance companies don't pay for employee injuries – they just finance them for you at an exorbitant cost.
You pay $2-$3 to the insurance company for every dollar it pays out for employ injuries. Each claim results in the most expensive financing contract you have in your business.
First, you pay outrageous premiums. Then you pay again for almost all your claims:
• You pay for employee injuries through lost dividends and return of premium
• You pay more because your Experience Modification skyrockets
• You pay for lost productivity
• You pay for the low morale of the other employees who fill in for the injured employee
• You pay for increased management and staff stress
You have worker's comp for only two reasons:
1. The law requires it
2. Workers' Comp spreads the actual cost of employee injuries out over-time
Workers' Comp does not pay for employee injuries. YOU DO!
Claims management services are usually dreadful!
Now that you know you write the checks for your employees' injuries (you can have more proof if you want it), you should demand exceptional claims management service.
Claims adjusters are snowed under with too many cases. Your injured employees don't get the attention they deserve. In spite of this, insurance companies continue to downsize as they strive to increase profits.
Add managed care to the mix and your employee' claims are often outsourced to a "case management company." Adjusters don't know what's happening or how your injured employees are being treated. You just can't notify the insurance company an employee was injured and expect them to "do their job". You must have a proven process in place to minimize the cost of the injury and expedite your injured employee's return to work.
You are penalized and overcharged when the "Audit Police" make a mistake on an audit.
Because your real insurance cost is determined after your policy expires, it's essential that audit is correct.
You're at a disadvantage from the start. The insurance company auditor knows the rules, you don't.
The law does not compel an auditor to explain the rules, especially if applying a rule would cause you to pay a lower premium.
Here's how the auditor works against you:
• Your entire payroll is put into the highest classification.
• The "standard class exceptions" are put into the incorrect cost classification. When someone is not properly moved to the lower cost classification, you pay at the highest rate.
Misclassifications are common and the system is designed for you to pay for all mistakes. There are many other errors or omissions that are made in addition to misclassifications.
Would you allow an IRS agent to conduct an audit without an expert on your side?
Of course not. Then, why allow an insurance company auditor to conduct an audit without an expert at your side? A workers' comp audit may actually cost you more money than an IRS audit. A workers' comp audit is every year. You may go years without an IRS audit.
Experience modification factors are often wrong or mismanaged
Most insurance buyers assume their experience modification factor is correct. This is a dangerous assumption because most of the time it may be wrong. When that happens, the insurance company benefits. Even if correct, it may be mismanaged and you're overcharged. There are simple strategies to lower it. As a qualified agent, WorkComp Solutions knows how to control your costs.
Your dividend or retro program may not be what it appears to be
Did you buy your workers' comp based on that fancy proposal your agent presented or did you read the contract's terms of your retro or dividend program?
If you don't understand the contract, you're in for a big surprise that could cost you thousands.
Your money will fly away unless your agent pays closer attention to your Workers' Comp than any other insurance you buy.
Here's what your agent must do to insure you're not being overcharged:
• Claims need to be monitored
• Premium audits must be managed and verified
• Experience modifications must be double check for accuracy
• The contract must be analyzed
• Sub-contractors' insurance must be controlled
Many actions are time sensitive. If you don't know why six months after your policy expires is the most critical date, you may be overcharged for your insurance. If you need a specialist in any one area of your insurance programs, it's managing the insurance programs that affects your employees the most – Workers' Comp, medical and disability.
You can slash your costs – if you install the right system
The Institute of WorkComp Professionals trained and certified WorkComp Solutions to find and fix the mistakes rampant in the workers' comp system. This is money on the table since workers' comp insurance can amount to 20% to 25% of your total payroll costs.
Through implementation of the Institute's exclusive work comp system, you can drive your employee-related insurance costs down 20% of more.
Errors in the Workers' Comp system cause overcharges in 1 out of 2 businesses -- which side of this overcharge line are you?
Spending time and money quoting your Workers' Comp insurance does not give you the lowest cost unless your program is error and overcharge free. Through implementation of the WorkComp Solutions process, you can drive your employee-related insurance costs down to its legal minimum.
Call us to learn how your business can benefit • (920) 898-5731
Causes of Errors
Once you understand why errors occur, you can see how easily you may be leaving money on the table. Here are common causes of errors that we will work with you to correct:
- Not knowing your minimum Experience Modification Factor - and not realizing how much money you're wasting because of this.
- Not having processes in place to reach your minimum Experience Modification Factor.
- Misclassifying employees.
- Injured employees off the job too long receiving insurance company money.
- Lower productivity and mistakes when injured employees are off and other, less experience, employees fill in.
- Work flow disruptions when an employee is injured.
- Poor hiring practices putting the wrong people in the wrong positions.
- Inadequately trained supervisors.
- Delays in reporting employee injuries.
- Cost of slow response by medical providers, claims adjusters and/or employer when an injury occurs.
5 Ways to Keep Your Work Site Safe & Reduce Downtime
Contractor Loss Prevention: Staying safe on the job from Integrity Mutual on Vimeo.