By Rebecca Shafer, J.D. – September 2010 Sarasota, FL (CompNewsNetwork): As more companies take on more risk through higher risk retentions (higher deductibles and self-insurance) they will likely become more interested in controlling their costs. The best way to do that is to TAKE CHARGE of events EARLY in the life of a claim. The …
Small Businesses and Workers’ Compensation: Help Your Customers Reduce Their WC Costs
By Rebecca Shafer, J.D. – June 2010 Many large employers have programs to cut their workers’ compensation losses. Small employers are run more informally and rarely have such programs – but the need is the same or even greater, as there’s less room for financial error. By getting educated in workers’ compensation management, you can …
What Happens After You Buy Workers’ Comp Insurance?
After your workers’ compensation policy is purchased you can rest assured that your financial obligations for a work-related injury claim will be met and associated expenses paid, however, there’s still work to be done. 1. Read Your Policy This is a contract and you should understand your obligations and the provisions. Talk with your agent …
Must an Employer Maintain a Safe Workplace?
Resoundingly, yes! Critical Component in Reducing or Eliminating Injuries Maintaining a safe workplace is a critical component in reducing or eliminating injuries and lends itself to the opportunity to engage every employee in the effort. Reduction or elimination of injuries decreases an employer’s costs and potentially saves employees from a permanently life-altering injury or illness. …
Who is Covered by Workers’ Compensation Insurance
Figuring out who is considered a covered employee for purposes of workers compensation can often be a tricky matter and sometimes even a source of litigation when the subject of a claim. Each jurisdiction varies and each case should be evaluated on its own merits. That said, there are similar basic principles to reference in …
The Cost of Workers’ Compensation Insurance
While the cost of workers’ compensation insurance varies from state to state, the process to calculate the cost is about the same for all states. The key factors in the cost of work comp insurance for a business include: The amount of payroll for the company The frequency and severity of injuries The risk classification …
Workers’ Comp Fraud Reduction Podcast Released by ReduceYourWorkersComp.com
Learn How Employers Can Become Proactive in Reducing Workers’ Compensation Fraud During the Weak Economy HARTFORD, December 15, 2009 — ReduceYourWorkersComp.com released a podcast, “Preventing Workers’ Compensation Fraud.” Download or play to learn how to report fraudulent injuries, aggravation of an existing claim, occupational health illnesses, workplace violence, theft of company property and product tampering. …
Workers’ Comp Kit Blog Named a LexisNexis Top 25 Blog for Workers’ Compensation
LexisNexis Names Blog Sponsored by ReduceYourWorkersComp.com One of 25 Best in 2009 for Workers’ Comp and Workplace Issues HARTFORD, November 3, 2009 — The Workers’ Comp Kit® Blog, was named one of LexisNexis’s Top 25 Blogs for Workers’ Compensation and Workplace Issues – 2009. The blog, at http://blog.reduceyourworkerscomp.com, contains daily information from top medical, legal …
On Foreign Ground: Insuring and Protecting Your Employees Abroad
By Rebecca A. Shafer – November 2009 With globalization and international trade increasing, more U.S.-based organizations are sending their employees to other countries on both short- and long-term assignments. For these employers, making sure their employees have appropriate workers compensation and liability insurance is as important as ensuring their physical security or that their vaccinations …
RIMS Survey Show Employers Fall Short in Workers’ Comp Cost Control
Results of First Industry-wide Survey at Best Practices for Post-Loss Cost Control NEW YORK — The first-ever industry wide survey on best practices for post-loss workers’ compensation cost control reveals that most employers are falling short, according to Advisen, which conducted the survey for the Risk & Insurance Management Society. The 2009 RIMS Benchmark Survey …
