Safety Equals Lower Rates
When you place your California Workers Compensation Insurance business with Beacon Business Insurance Solutions you will be working with an advanced business insurance consultant. Our training and education is specific to the workers' compensation industry and allows us to fully understand this unique coverage. More importantly, we enjoy working with business that understand how adopting a culture of safety, can literally transform your Workmen’s Comp premiums from troublesome to manageable. When you work with us, we work with you.
Did you know your Experience Modification can be controllable?
First of all, an Experience Modifier is a number determined by your past workers' compensation losses. The “Ex Mod” as we call it in the industry, is used to predict future workers' compensation losses. More importantly, when we discuss California Workers Compensation costs, your Ex-Mod is one of the biggest factors that can affect what you pay for your Work Comp Premiums. So, when you request a quote for your Workers Compensation Insurance and you have an average Ex-Mod (average is your expected losses are average for all companies in your rating class) you have an average premium for your class, so your premium may be $10,000 per year. Let’s say you have a high ex-mod that is 30% higher than the average, your premium will be $13,000 instead of $10,000... Ouch!
See what if your Ex-Mod is 30% less than average!
Ok, now this is where Safety really makes sense. Let’s say your Experience Modifier is 30% less than average, for the same type of exposure as we have above. Now, your Workmen’s’ Compensation Premium becomes $7,000 per year…A $6000 a year swing in premium for adopting a culture of safety in your organization. For more information on how you can learn how adopting a culture of safety can save your business a bundle, click here to schedule an appointment to learn how you start this process. Now, there are things that can be done immediately such as reviewing how your employees are classified. In fact, it has been noted that as many as 50% of “Ex Mod’s” may contain errors. These inconsistencies, such as incorrect payroll figures, incorrect class codes, mismanaged claims leading to inaccurate information being reported to the rating bureau. Sometimes it pays to let experts come in and review the factors that determine your ex mod so you can get back to running your business. Ask us about programs that allow you to control your experience mod.
Claims Management and Return to Work
Preventing work comp claims from happening in the first place is the best solution. Proper management can have a big impact on your experience mod. There are many benefits of managing a return to work process; fewer benefits are paid out, claim reserves are lower, expedites claim closure, fraudulent claims are reduced, litigation is reduced, and productivity is maintained. All of these lead to reduced work comp premiums and improved experience mods.
Injury Prevention and Safety
Injury prevention begins long before an employee injury occurs. If you implement some simple pre-employment screening, it could give your business the peace of mind knowing your employee is physically and mentally able to perform all the essential functions of the job. Having a comprehensive safety plan in place makes it clear to employees that you have a serious attitude toward safety. A solid safety plan can also be used to defend your company’s policies and procedures. Many think these programs cost a lot of money. It’s just the opposite. These steps allow you as a business owner to take control of costs like you do with every other part of your business. You just need to ask us what it takes and we can talk.
Let Beacon Business Insurance Solutions help you Manage Your Work Comp
Workers' comp premiums are typically the highest insurance expenses for every business and too often we find business owners who know very little about how to control their work comp. When you work with Beacon Business Insurance Solutions we will first, sit down and talk about your options. Our tools and resources will allow you to establish a culture in your company that reduces costs and improves productivity. We can help you with your payroll and HR which can help in the hiring process which is where workers' comp problems begin. You are probably paying way too much for your workers' comp. When you work with us you can be sure you're working with insurance professionals who have taken extra steps to detect and correct errors and mistakes in your workers' comp program. This will reduce drain of Workers Comp Insurance for your business. Let’s get started! Call us at (888) 923 6828 today!