3 Ways to Improve Your Chances of Earning a Workers Compensation

A lot of business owners concentrate on the dividend portion of a workers compensation insurance policy. Rightly so, it?s a significant refund and can be critical to the bottom line of any business.? What business owners and CFO?s don?t often realize, though?is that if you manage your experience MOD first, the dividends will follow.

If you currently have a flat dividend, you?ll need to protect that by proving that your business is worthy of it again upon renewal. If you have a variable dividend, since the variable is loss-sensitive, you?ll need to have as minimal a loss ratio as possible to get the maximum return.

Either way, flat or variable, you need to be in control of your workers compensation program to get the maximum return. Here are 3 ways to improve your chances of earning (or keeping)?a workers compensation dividend.

1. Control your claim losses, and more specifically your lost-time claim losses.
2. Prevent accidents in the workplace.
3. Help your injured workers return to the job as soon as medically reasonable with the implementation of a strong return-to-work program. More about reducing your lost-time claims.

Managing your experience?MOD includes reducing lost-time claims, improving your accident investigation process, incorporating a return-to-work program, to name a few.? All of these can have a positive effect on your claims. Because the dividend you receive is a reflection of your claims for the policy period, is goes to show that if you reduce your claims, the likelihood of earning your dividend will increase.

Concentrate on managing your experience MOD, and the dividends will follow!

Attend our Accident Investigation Seminar, held in Pewaukee, Wisconsin

Related information:

Advantages of a Structured Return to Work Program
3 Common Mistakes of Accident Investigation
Making Time Work For You in a Workers Compensation Claim

Source: http://myknowledgecenter.com/business-insurance/3-ways-to-improve-your-chances-of-earning-a-workers-compensation-dividend/

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