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Category: Workers Compensation Insurance

FOUR COMMON MISTAKES EMPLOYERS MAKE REGARDING WORKERS’ COMPENSATION

[ 0 ] February 24, 2012

Here are four common mistakes made by employers that frequently deter their Workers Compensation savings:

1. Assuming that lower rates equate to lower costs. Don’t make the faulty assumption that your cost will go down automatically just because your rates have been reduced. Workers Compensation insurers use an experience modification factor to examine the actual losses incurred by the insured company and establish cost.

2. Believing that employers have little control when it comes to the expense of Workers Compensation. Employers know they’ve got to have Workers Compensation insurance. However, this acknowledgment shouldn’t lead to an employer thinking they’ve got to pay excessively for it; employers don’t and shouldn’t. Cost reduction starts at the hiring process. Initiate effective interview techniques and background checks to help ensure the right people are hired for the right jobs.

3. Neglecting or de-emphasizing cost containment and injury management during low rate periods. Safety should be an unyielding focus at all times. This will not only help a company reduce their claim numbers, but also keep their rates low over the long term. Employers need to keep an eye on the issues that frequently impact the costs of claims, such as medical care costs and lost wages. Also, remember that open claims mean escalating costs and negative impacts to the company’s modification factor.

4. Not making the association between cost containment and worker retention. Studies have shown that fewer accidents occur among skilled workforces, but even skilled workers can have an accident. A large part of whether or not an injured skilled employee returns to work is based on how their employer responds to them during and after recovery.

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CAMPBELL & BOYD

20 Technology Dr, Ste 4

PO Box 1260

Brattleboro, VT 05302

tel: 802-257-9500

email: ddboyd@campbell-boyd.com

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How workers compensation insurance works?

[ 0 ] December 7, 2011

Workers compensation insurance plays an important role in protecting both employer and employee. Here’s how workers comp insurance works. Workers’ compensation insurance pays income and benefits to workers who suffer an illness or injury while they’re on the job. The insurance pays for lost wages and other injury-related expenses. It also protects the employer’s liability against employee claims related to the injury. Employees who make a workers’ compensation claim aren’t allowed to later sue the employer for the injury. When an employee is injured on the job, the employer and the employee need to fill out certain forms to make a claim. Claims are typically time-sensitive so employers must encourage their workers to report any work-related illnesses or incidents as soon as possible.

Employees can make a workers’ compensation claim for things like treatment of injuries and illnesses and disability income for a certain period of time. The dependents of a person killed on the job can use workers compensation to help pay for funeral expenses and can receive a death benefit. Luckily, things have changed for work Comp Insurance in the last few years. There are many carriers to choose from depending on your particular business operations and needs. Our many carriers have even dropped their rates on Workers Compensation Insurance recently.

Campbell and Boyd Insurance Services, Inc has a long back history in Insurance carriers that enable our insurance agents to find the most competitive insurance rates available with many different policy types. Whether you employ one person or thousands, Campbell and Boyd Insurance Services, Inc is your trusted Workers’ compensation partner. We take the complexity out of Workers compensation.