How do you reduce workers’ compensation insurance premiums and costs?

How do you reduce workers’ compensation insurance premiums and costs?

Reducing workers’ compensation insurance premiums requires a strategic, multi-faceted approach that I implement through detailed audits, classification corrections, EMR optimization, and proactive safety measures.

First, I conduct thorough workers’ comp premium audit reviews, examining payroll records, employee classifications, and insurer calculations. Common errors, like including overtime or misclassifying clerical workers as high-risk roles, can inflate premiums by thousands. By correcting these, I’ve helped clients recover overpayments, often within 60 days.

Second, I perform NCCI classification code reviews to ensure employees are assigned accurate codes based on their duties. For example, a construction firm’s laborers might be incorrectly coded as roofers, spiking premiums. Correcting these aligns premiums with actual risk.

Third, I analyze your experience modification rate (EMR), a key driver of workers’ comp costs. By reviewing claims data, I identify high-cost claims, dispute excessive reserves, and develop strategies to close old claims, lowering your EMR over time. For instance, reducing an EMR from 1.2 to 0.9 can cut premiums by 20%.

Fourth, I implement OSHA-compliant safety training programs tailored to your workplace, reducing workplace injuries and claims frequency. A manufacturing client saw a 30% drop in incidents after targeted training, significantly lowering their EMR. Additionally,

I design return-to-work programs to bring injured employees back sooner, minimizing claim costs. For businesses considering self-insurance, I conduct feasibility studies to assess if bypassing traditional insurance saves more. My process involves close collaboration with your team, requiring minimal time while delivering actionable deliverables like audit reports and safety plans. By addressing both immediate overcharges and long-term cost drivers, I’ve helped clients save $10,000-$50,000 annually, depending on their size and industry.

Regular follow-ups ensure sustained savings, making your workers’ comp program cost-efficient and compliant with state regulations.

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