Does your company have a mod-rated plan for workers’ comp? Then you may be putting out more than you have to.
If your company has a guaranteed loss program, you probably want to take another look to ensure your claims are being coded correctly.
That’s the advice of experts at ReduceYourWorkersComp.com.
If your claims are miscoded, it could be costing you a bundle.
Say, for example, a medical-only claim is being treated as a lost-time claim. You’re probably overpaying since in some states medical-only claims are just discounted 70%. And every miscoded claim inflates your insurance rating. In certain industries, it may even keep your company from getting certain jobs.
So how do you ensure you’re not opening your wallet wider than you have to?
Time for a review of those worksheets. Check with your broker to see if your experience modification affects the cost of your workers’ comp insurance. (If they won’t do this, find someone who will.)