Are You Managing your Work Comp Modification?

Is there anything you can do to manage your Work Comp modification factor?

What is a work comp mod factor? A work comp experience mod factor is figured using your business work comp loss history from previous years 2-4. This experience mod factor is one of the largest drivers of increased spend in your work comp insurance rates! But if your company has a good history it can also help reduce your rates!

So how can you manage this factor? Every business has different situations affecting work comp. Things from type of business, type of facility construction; does it increase risk of injury? If your in a cold weather climate how do you take care of ice and snow removal? It can be just about anything. I have seen injuries from office furniture.

Here is a list of a few things a business owner can do to help manage this important factor.

1. Create a culture of safety. Conduct safety meetings, employees will appreciate working for a company that does.
2. Take advantage of your insurance agent and companies Loss Control services.
3. When a claim occurs, get in touch and let the worker know you care about their wellbeing.
   1. Do you have a defined work comp claims procedure and "get back to work" program?
4. Review your work comp experience mod worksheet.
   1. Does it show accurate payroll figures?
   2. Are there any clerical errors?
   3. Are all of the claims yours?
   4. Are there open claims that you know have been settled or have returned to work?
   5. Have you told your side of the claim? Do you know factors that would help the claims process?
   6. Do you have claims with subrogation that needs to be pursued? 

These are some very important things to consider and stay on top of to help keep your work comp premiums in check.

If your agent has not done a review for you please give call me at 913-948-6575.