One of the Easiest Ways to Control Workers Comp Costs - In one word - a word which has already been used in the last sentence - CONTROL. The more control that your company has over the way that your Workers Compensation claims are handled will ALWAYS result in a reduction in what you pay in Workers Comp premiums.

The ultimate goal of every employer should be to handle their own claims in-house with their own on-staff adjusters. In-house claims handling is usually reserved for only the largest of insureds as a company must prove to the State Insurance Commissioner that they are large enough and stable enough to be a Self-Insured.

So you are sitting there reading this and saying - "I am too small a company to be Self-Insured." That may be true, but there are techniques that are employed by Self-Insureds that a company can use in your everyday operations to cut Workers Comp Costs.

For this and the next few posts, we will cover some of those techniques. We will go from the techniques that larger companies can use down to the companies that pay the minimum Workers Compensation premiums.

The list of techniques by company size is as follows:

• Self-insured with a TPA handling your claims


• Captive


• Super Large Deductible


• Large Deductible


• Insurance Pool


• Small Deductible


• Ghost Policies


• Flying with No Coverage - not the illegal kind

Remember that the bottom line is to make your insurance department like a in-house fully self-insured. As this may go a little long, I will cover two per day. Keep reading each day as there will be something in here for a company of any size in any state.

Bookmark this page in your favorites and come back to see the next post tomorrow. As always if you have any questions, please email me at info@cutcompcosts.com or call me. Our main website is at http://www.cutcompcosts.com/

Up Next - Operating Like a Fully Self-Insured Part I