Many companies are paying too much for their Workers’ Compensation program. It is important to work with an insurance broker who has experience and is certified to help identify potential refunds and correct costly mistakes. Workers’ compensation is different from other types of insurance coverage in that it is tough to notice costly errors that ultimately increase your company’s Experience Modification Rate and overall labor costs. Identifying these errors is often the easiest and fastest way to lower your costs. 75% of all workers’ compensation audits are wrong. There are simple tactics a company can implement that will have a big impact on the frequency and severity of claims.
Companies choose to work with Geoff Johansing because of his holistic approach to lowering the cost of labor. Companies that implement these tools have seen a 78% reduction in labor costs.
Areas impacted by this holistic approach:
- Insurance premium
- Labor cost
- Time off work
- Reduced production capacity
- Human error
- Insurance fraud
- OSHA fines
- Claim frequency
- Claim severity
Trends suggest that due to cost cutting measures companies are spending less money on pre hire medical screening tests. This is an important practice because it helps you truly understand whom you are hiring. This is just one of many areas we focus on in order to provide our clients with all the tools they need to prevent work comp. claims. These claims wind up costing the company anywhere from 160% to 300% of what the carrier pays out.
This coverage is required by law and was designed to be the sole remedy for injured employees. Often though, litigation takes over and employers do not know what to do. Insurance fraud is illegal, but the system is overwhelmed and employers wind up paying the price. There are ways to prevent this from happening and we focus on them. If you would like a to schedule an appointment to learn our approach in handling your workers’ compensation claims, claim management, claim prevention, or to get a second opinion on your current program, please follow the link below.