Sure, workers’ compensation insurance is designed to protect workers who are hurt on the job. But, did you know that it was also designed to protect employers? Workers’ compensation insurance safeguards business owners against lawsuits filed by injured employees—lawsuits that could otherwise put them out of business. To mitigate the risks of potential on-the-job accidents, workers’ compensation was born.
Mod Analysis Services
Reducing your workers’ compensation costs begins with a thorough mod analysis to assess why your premium are high and how they could be lower. If you don’t understand how mods are calculated, no worries; we do! The results of the mod analysis that we perform help us to create a mod reduction and cost control strategy tailored to your business’s unique circumstances.
Mod Reduction and Cost Control Strategies
At The SIG Insurance Agencies, we understand that the best way to get workers’ compensation to work for you rather than against you is to control costs. After all, if you pay the minimum amount possible for your coverage, then the return on your investment will be high. But, if numerous workplace accidents and a failure to promptly report claims leave you paying high premiums, then the cost can negatively affect your company’s profitability.
For this reason, we recommend several cost-control strategies to help ensure you’re getting the most for your money:
- Investigate all injuries and illnesses and report claims in a timely manner.
- Create a comprehensive safety program, including training and safety manuals.
- Design and institute a return to work program.
- Know how your mod factor is calculated and create a strategy for ongoing mod reduction.
- Institute a workplace wellness program.
- Understand the rules and regulations outlined by OSHA and ensure you are in compliance.
If all of this seems a little overwhelming, know that you aren’t alone. Many employers struggle to understand OSHA safety requirements and mod factors, let alone develop and implement comprehensive strategies to lower workers’ comp costs.
You do not need to spend countless dollars and hours navigating the murky waters of cost reduction. The SIG Insurance Agencies have been helping our clients with workers compensation tactics for over 25 years and we are happy to pass our industry knowledge on to you. Contact us by calling (203) 359-0880 or fill out the form on this page for more info!