Every business will have insurance claims. However, an informed business can better manage claims, improve its claims history, prevent future claims from happening and reduce insurance premiums.
At RMC, our goal is to empower business owners to make better and more educated decisions regarding their claims management and their insurance needs.
One area where we can help a business better control its insurance costs is by helping it to reduce its experience modification factor in connection with its workers’ compensation policy.
The experience modification factor is a multiplier used to calculate a business’ workers’ compensation premium. There are many components to a business’ experience modification factor. But, by working to reduce its experience modification factor, a business can reduce the cost of its workers’ compensation insurance policy.
One component of a business’ experience modification factor is whether the business has robust safety procedures. If your business does not have safety procedures in place, it is time to develop them. If you already have safety procedures in place, when were they last reviewed and updated? Safety procedures should be reviewed at least annually to ensure that they are up to date. RMC can help you whether you need to develop safety procedures or need to review your existing safety procedures.
1. The business’ management team should continually emphasize and reinforce the commitment to safety.
2. The business should implement safety procedures, not only during employee orientation, but also in the hiring process and through on-the-job training.
3. The business should update its Illness and Injury Prevention Plan annually.
4. The business should monitor and attempt to close open claims as soon as possible in order to protect the financial interest of the business.
5. The business should have procedures in place for regular safety inspections.
6. The business should analyze past claims and investigate any incidents, so that it can address and mitigate any obvious job-related dangers.
We understand that not all business owners are experts in insurance, and that is why RMC should be your partner. We have years of experience in the insurance industry, as well as risk management, and are ready to help with your insurance and claims management needs.
There are a number of benefits to having RMC help you with claims management, including:
Together we can implement risk management strategies and best practices to enhance employee involvement and the well-being and safety of everyone in the business.
Claims prevention is the best cure for out-of-control insurance costs, and managing risk is a necessary component of preventing claims. RMC Group can help your business implement a worker safety program, thereby minimizing workers’ compensation claims and better controlling the cost of your workers’ compensation insurance.
For more information on claims management and how RMC can help your business, contact us today at 239-298-8210 or rmc@rmcgp.com.