Top 10 Questions #3
3. What is the fastest way for me to reduce my Workers Comp premiums?
Unfortunately, there is no quick-fix to your Workers Comp policies. There are ways to reduce your premiums over time. We have found that asking "why?" whenever you are asked to write a check for premiums is a great way to start the cost-cutting process. We never advocate just being a "squeaky wheel" looking for oil. If you are reading this post, you have likely taken the first step, as this blog will tell you how to ask "why?". One of our sayings to employers is "Quit just writing checks."
There are 140+ posts here that all talk about reducing Workers Comp premiums. There is one that covers this issue exactly. You can get a ton of freebies under http://www.cutcompcosts.com/claims.html The easiest way to reduce your Workers Comp is to become involved in every step of the process in purchasing Workers Comp insurance. I used to say there were "Four Keys/Secrets to Workers Comp Cost Reduction" then I added a fifth that involved an acceptance by management to reduce Workers Comp costs.
There are three areas where we see the most errors occur in Workers Compensation:
Unfortunately, there is no quick-fix to your Workers Comp policies. There are ways to reduce your premiums over time. We have found that asking "why?" whenever you are asked to write a check for premiums is a great way to start the cost-cutting process. We never advocate just being a "squeaky wheel" looking for oil. If you are reading this post, you have likely taken the first step, as this blog will tell you how to ask "why?". One of our sayings to employers is "Quit just writing checks."
There are 140+ posts here that all talk about reducing Workers Comp premiums. There is one that covers this issue exactly. You can get a ton of freebies under http://www.cutcompcosts.com/claims.html The easiest way to reduce your Workers Comp is to become involved in every step of the process in purchasing Workers Comp insurance. I used to say there were "Four Keys/Secrets to Workers Comp Cost Reduction" then I added a fifth that involved an acceptance by management to reduce Workers Comp costs.
There are three areas where we see the most errors occur in Workers Compensation:
- Claim Reserves - feed into your Workers Comp E-Mod
- Classification Codes - can be a very expensive mistake
- Year End Payroll Audits - we receive the most calls and emails on this one.
Why are these the top three? They are all actually opinions in one form or another. There is nothing really "stamped in stone" as you may have been lead to believe. It is all negotiable.
The Top 10 Questions That We Receive on Workers Comp - 4
Labels: The Top 10 Questions That We Receive on Workers Comp - 3
posted by James J Moore at 6:41 AM
