We’re workers’ comp experts and here are four things we’d never, ever ignore if we were an employer in Washington.
Brandon Dion, CFO at Vigilant | Dan Beaty, VP Workers’ Comp at Vigilant
Rising EMF/premiums.
This probably indicates a systemic problem that requires attention. It could be due to a variety of factors such as an excess of compensable claims or poorly managed claims – we hear of this often. If your premiums keep rising, it’s crucial to inquire with your workers’ comp partner about the reasons and potential solutions. Hopefully, through these discussions, a viable data-based strategy can emerge, guiding you towards the necessary steps to reduce your premiums.
Not knowing where to focus your loss prevention efforts.
Having a solid loss prevention plan in place is paramount, as without one, you’re bound to encounter more frequent and/or more expensive claims. Employing data analytics and collaborating with your workers’ compensation partner and safety professional enables you to precisely identify key issues and strategize efforts to mitigate/prevent claims effectively. It might even entail investing in new equipment. Consider requesting your partner conduct a thorough analysis to discover where to focus your loss prevention efforts.
Claims management mandates, e.g. kept-on-salary (KOS) being used on every claim.
Inflexible KOS mandates should raise concerns because there are clear situations where it may not be the best financial or business decision for your company. Your workers’ compensation partner must crunch the numbers to validate it accomplishing the financial goal of lowering future premium, while not compromising employment-related business decisions. Moreover, prolonged periods of having employees on KOS should serve as a significant red flag, warranting further scrutiny. Broadly applied and strictly enforced workers’ compensation mandates limit, and often remove your ability to make the best decisions for your business.
An assessment you weren’t made aware of.
Assessments are uncommon in high-performing Retros. However, effective communication between you and your workers’ compensation partner is vital in such scenarios. An assessment can significantly impact your budgeting and bottom line. While hopefully, you’ll never encounter an assessment, if you do, it’s necessary to receive timely notice along with a comprehensive action plan to improve your performance, as well as communications from your Retro administrator on what is being done to ensure it never happens again.
We’re on a mission to revolutionize workers’ compensation in Washington. Whether you’re a part of our Retro group or claims management program, rest assured, your well-being is our top priority. If you’re not yet enrolled and want to learn more, don’t hesitate to reach out to us.
