Worker’s compensation also
known as workman’s compensation is regarded
as one of the most complex and confusing elements of an insurance budget. What
add more to the chaos are your regular audits, experience modification factors,
classification codes, reserve reviews, state regulations and statutes. Even if
you are being overcharged for all this, the question is not easy to answer.
Such errors and overcharging problems occur in more than 50% policies.
Worker’s compensation also
known as workman’s compensation is regarded
as one of the most complex and confusing elements of an insurance budget. What
add more to the chaos are your regular audits, experience modification factors,
classification codes, reserve reviews, state regulations and statutes. Even if
you are being overcharged for all this, the question is not easy to answer.
Such errors and overcharging problems occur in more than 50% policies.
Saving On Worker’s Compensation, A Big Task -
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You are here: DIME Home > Finance > Saving On Worker’s Compensation, A Big Task
Worker’s compensation also
known as workman’s compensation is regarded
as one of the most complex and confusing elements of an insurance budget. What
add more to the chaos are your regular audits, experience modification factors,
classification codes, reserve reviews, state regulations and statutes. Even if
you are being overcharged for all this, the question is not easy to answer.
Such errors and overcharging problems occur in more than 50% policies.
Author: kevin
Date: Oct 7, 2008 - 3:18:23 AM
Worker’s compensation also
known as workman’s compensation is regarded
as one of the most complex and confusing elements of an insurance budget. What
add more to the chaos are your regular audits, experience modification factors,
classification codes, reserve reviews, state regulations and statutes. Even if
you are being overcharged for all this, the question is not easy to answer.
Such errors and overcharging problems occur in more than 50% policies. All you
need to do at this moment is work closely with your insurance agent.
Ranking as highest problem in
business owner’s risk, the main concerns involved in this are:
• High premium cost
• Heavy down payment that
affects cash flow
• Conduct of payroll audit
which demands more cash to stay insured
• Paperwork, government
regulations, potential fines and internal cost associated with both
It has been observed that in
most of the cases, workplace is safer than it has been ever before. But the problem
arises with the escalating cost of medical care and number of prescribed follow
up visits from one to another medical professional.
What adds more to it is the
length of the time injured worker stay off the job and the continuing wages he
has to be paid while he is on leave as well as the cost of replacement labor.
What all steps you can take
to reduce your loss are:
Identify the riskiest area of
your operation. Reducing the number of accidents in your workplace will affect
the expenses for replacement labor and reduce the risk of getting hit with high
insurance rates and poor workplace conditions.
Workplace is safe but somehow
costly accidents will happen. And then you need to bring the injured worker
back to work as soon as possible. As long as he stays at home, company needs to
pay him the salary. Along with this hiring replacement worker increases the
cost.
You should communicate your
concerns to workers. If you will not discuss about rising cost, how will people
get to know about it. You should reach to everyone in the health care unit.
It has been observed that a
premium for worker’s compensation has risen to 50% nationwide in past three
years. This increase is recorded even higher in
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