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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 have Worker's Comp for only two reasons:
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:
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 low it. A qualified agent know 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:
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 is managing the insurance programs that affect 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 trains and certifies insurance agents 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 WorkComp System, you can drive your employee-related insurance costs down 20% of more.
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.
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.