TOP 10 WAYS TO CONTROL YOUR MOD

BY CONNER INSURANCE Your experience modification factor, or mod, is an important component used in calculating your workers’ compensation premium. If you can control your mod, you can lower your price — so we’ve gathered top tips to help you impact your bottom line.
  1. Investigate accidents immediately and thoroughly; take corrective action to eliminate hazards, and be aware of fraud.
  2. Report all claims to your carrier immediately. Alert the carrier to any serious, potentially serious or suspect claims. Frequently monitor the status of the claim, and communicate with the adjuster to resolve them as quickly as possible.
  3. Take an aggressive approach to providing light duty to all injured employees upon their release from treatment. Supervise light duty employees to ensure their conformance with restrictions.
  4. In serious cases that involve lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee back to gainful employment.
  5. Set safety performance goals for those with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.
  6. Develop a written safety program, and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.
  7. Frequently communicate with employees, both formally and informally, regarding the importance of safety.
  8. Make safety a priority – senior management must be visible in the safety effort and must support improvement.
  9. Evaluate accident history and near-misses at least monthly. Look for trends in experience, and take corrective action on the worst problems first.
  10. Hire Conner Insurance to ensure success.
theconners

Recent Posts

Beyond the Fine Print: When Benefits Strategy Meets Real-World Health Crises

Beyond the Fine Print: When Benefits Strategy Meets Real Health Crises. Every health plan can…

2 weeks ago

Why You Shouldn’t Keep Home and Auto Insurance Separate

Table of Contents ➤ The Downsides of Keeping Home and Auto Separate ➤ What Kind…

4 weeks ago

Beyond the Waiting Room: How Overwhelming Healthcare Can Affect Your Employees

Overwhelming Healthcare Can Affect Your Employees. Having access to high-quality healthcare is essential. But what…

4 weeks ago

Self-Funding with Major Carriers Could Be Costing More Than You Think

For some organizations, self-funding with major insurance carriers can seem like the perfect opportunity to…

4 weeks ago

Understanding Employee Benefits Liability

Managing employee benefits in the insurance industry presents both opportunities and challenges for business owners.…

1 month ago

Creative Employee Benefits Ideas to Attract and Retain Top Talent

In a candidate-driven market, organizations must think beyond traditional compensation packages to attract and retain…

1 month ago