1. Shop your insurance not just for price but for services offered. Not all carriers have the same rates and services. While they all have the same starting point, the rates they charge can differ. In addition, some carriers provide services to help control your claims costs and/or assist with your safety program.
2. Be proactive and start getting safety conscious. Instill this philosophy on your employees. The best way to control your w.c. costs is by not having claims.
3. Pay for first aid claims. NYS w.c. law allows for employers to pay for claims that are defined as first aid.
4. When an accident does have happen get involved. Don’t just report it and let the insurance company deal with it. There are things you can do as the employer.
5. Monitor your claims and reserves. These are taken into consideration when calculating your experience modifier. Frequency and severity can negatively impact your experience mod.
6. Periodically review your operations and assigned class codes. If your operations have changed so may have your class codes. Also, make sure that employees are assigned the correct class code for the work they perform.
7. Work with a knowledgeable agent with expertise in workers’ compensation to assist in controlling costs associated with your w.c. program. An independent agent has access to many markets and resources and tailor a plan for your operations.
Next Month’s Ask the Expert: Types of Business Insurance Needed for Small Business Startups. For questions about Workers' Compensation insurance, contact CH's expert, Tony D'Amato at 315-234-7500 or email.