3 Ways to Reduce Your Work Comp Exposures


You’ll often get tips on how to Lower Your Work Comp Premiums, Reduce Your Work Comp E-Mod, and Cut Your Work Comp Claims Cost. But what about the root of the matter….your exposure to workers compensation claims? What can be done to limit the risk you face? Here are a few tips:

  1. Conduct Pre-Hire Fit for Duty Exams  More than two in three business don’t spend the time or money on these exams, aren’t aware that they were available, or don’t know how to conduct them. The bottom line: You don’t want to hire a future Comp claim. For more information, read the report: Creating an Injury Prevention and Management Program that Works.
  2. Calculate the total cost of your Workers Comp claims Only one in three companies do so. For every dollar paid in claims, there’s at least another dollar of bottom line impact in reduced productivity, lost customer satisfaction, cost of replacing an employee, etc. Bear in mind that insurance companies have little incentive in preventing or managing Comp claims, especially when the interest rate on your modifier is in the double digits. In fact, it’s the most expensive money your company will ever borrow.
  3. Have a formal return-to-work program Once again, less than half of all businesses do so, even though these plans make eminent sense. The program should acknowledge concerns and fears by both employee and supervisors. Many Comp claims take on a life of their own because managers ignore injured employees as “damaged goods,” rather than trying to nurture them back to work – and then wonder why some of them malinger on claims.