10 Steps to Control Your Workers Comp Premium

Worker's CompAn employer’s experience modification factor is an important component that is used in calculating a company’s workers compensation premium. Controlling your modification factor will help you to control your costs. Here are a few tips to live by if you are trying to control this cost and your bottom line.

  1. Investigate accidents immediately and thoroughly. Take corrective action to eliminate hazards. Be aware of fraud.
  2. Report all claims to carrier immediately. Alert carrier to any serious, potentially serious, or suspect claims. Frequently monitor the status of the claim and communicate with the adjuster to resolve as quickly as possible.
  3. Take an aggressive approach to providing light duty to all injured employees upon their release from treatment. Supervise light duty employees to assure their conformance with restrictions.
  4. In serious cases that involve lost time, communicate with the claims adjuster so that they recognize your interest in returning the injured employee back to gainful employment.
  5. Set safety performance goals for persons with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.
  6. Develop a written safety program and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program, one that holds employees accountable for breaking the rules or rewards them for correctly following safety procedures.
  7. Frequently communicate with employees, on a formal and informal basis, regarding the importance of safety.
  8. Make safety a priority. Senior management must be visible in the safety effort and must support improvement.
  9. Evaluate accident history and near-misses at least monthly. Look for trends in experience and take corrective action on worst problems first, as soon as the problems manifest themselves.
  10. If you don’t have the resources available internally to implement these suggestions, hire a third party who specializes in minimizing the risks.
About Amy Grimmer

Amy Grimmer currently serves as President and CEO of Centripetal Consulting Group (CCG). Grimmer founded the company in 2007 with the concise mission to revolutionize the positive business impact that employers realize through HR Outsourcing. Both CCG clients and its HR services vendor network of HR look to Grimmer and CCG’s associates as a trusted, unbiased resource to understanding the complexity of HR Outsourcing. Grimmer’s vast knowledge of the HR Outsourcing space, CCG’s client focused approach, and the continued rapid growth in the HR Outsourcing industry are all contributing factors to the success of Centripetal Consulting Group.
 
Prior to founding CCG, Amy Grimmer served the human resource outsourcing industry in a business development capacity. Her experience spans several functional HR practice areas including HR Outsourcing Strategy, Payroll/Tax Filing, HRIS and Benefits Administration, Health & Welfare Consulting, Retirement Plans, Workers Compensation, PEO/ASO Arrangements, HR Compliance, and Recruitment Process Outsourcing. Grimmer’s prior employers include Ceridian, ADP, Aerotek, Advantec, and RSM McGladrey Employer Services.
 
Amy Grimmer exhibits extreme passion and dedication to the HR outsourcing industry and is an avid networker, author, and student of her profession. Amy has published several articles, whitepapers, and E-Books on various topics within the HR Outsourcing space.
 
Amy is a graduate of the University of Missouri and holds a BA in Communications and a BA in English. She has completed coursework for her Masters of Business Administration in Human Resource Management at Lindenwood University.

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