Since Florida is one of only a few workers’ compensation administered pricing states in the nation, rate changes approved by the Office of Insurance Regulation (OIR) have an immediate impact on the majority of businesses operating in the state. Rate changes are effective January 1st of every year, and since the legislative reform in 2003, Florida saw average rate decreases every year through 2010. January 1, 2013 will mark the third consecutive year of workers’ compensation rate increases. …
The National Safety Council (NSC) estimates 400 traffic fatalities will occur over the holiday weekend and another 38,800 medically consulted injuries will be sustained from motor vehicle collisions. For the past six years, the Labor Day weekend has averaged 14.6 percent more traffic fatalities than similar non-holiday periods. NSC also estimates 142 people may survive the holiday weekend because they will have worn safety belts, while another 102 lives would have been saved if all had worn safety belts. NSC encourages organizations and individuals to use NHTSA planning materials, including posters and television ads, to educate employees and their local communities about driving safely this Labor Day weekend. The Council also suggests…
In today’s difficult business environment, it’s critical for companies to make a firm commitment to risk management. One essential element of an overall risk management program is employee screening. By carefully screening prospective hires, companies can help ensure that they hire reliable, honest employees. Companies with employee drivers should take every reasonable step to make sure that those individuals are safe drivers to reduce risk and protect their businesses. Among those steps is the use of Motor Vehicle Records (MVRs) to check an applicant’s driving history. MVR checks of employees have become a critical Fleet Safety Program component and can protect a company against litigation following an accident….
I’m asked quite frequently by business owners and HR personnel what can be done when an employee is injured, but they know the employee had a pre-existing condition. A short answer is “tough luck,” after a legitimate work injury occurs, the best you can hope for is strict mitigation, minimize the lost time indemnity payments, and utilize all the in-network providers possible. All this does, however, is control the cost of the claim. A better approach would be to stop buying the injury in the first place! …
An effective Return to Work (RTW) program can have lasting benefits for a company that implements it correctly. The goal of a RTW program is to ultimately reduce all costs associated with Workers’ Compensation (hard costs like premium, retained losses, and allocated expenses, as well as soft costs like reduced production, overtime/shift differential, and lower morale). While reductions in these costs will be felt directly, there are some additional advantages to an effective RTW program…
Big changes are coming to the NCCI’s Workers Compensation Experience Modification Rate (EMR). Effective January 1, 2013, Florida business will see a change in the way past workers’ compensation claims impact their EMR and future premiums….
APL + B + (W x AEL) + (1-W) x EEL =EMR
EPL + B + (W x EEL) + (1-W) x EEL
This equation isn’t too scary, is it? Certainly not scary if you know what all the abbreviations mean. Here, let’s see if this helps…
Professional Employer Organizations (PEO) have grown in popularity and provide many valuable services for their clients. In most arrangements between the PEO and its client, the PEO agrees to perform specified employer responsibilities for the leased workers, including some or all of the following…
Workers’ Compensation insurance is widely known and purchased by businesses to fulfill their statutory requirement to provide benefits to workers injured while in the scope of their employment. Everything from bug bites and cut fingers to quadriplegic and fatal accidents will be claimed under WC. However, what many business owners fail to fully understand is that there is a tracking mechanism and predictive tool that helps determine how much they will pay for their WC insurance; it’s the Experience Modification Rate (EMR). Because the NCCI (National Council on Compensation Insurance) is the governing body for almost every state in the U.S. (click here for a current map), my discussion of the EMR will focus on the NCCI’s version. …
Workers’ Compensation has fast become a leading cost factor in business insurance programs. Premiums are at an all-time high within many business classes and the indirect costs associated with employee injuries are often two to three times the premium. Many businesses are left feeling helpless in controlling these costs and do not realize the level of control they can have. Below, we offer six key strategies to help effectively control your workers’ compensation costs.