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Sponsored by Lorman Education
Product ID: 404649EAU
 
Credit & Course Provided by:

Proactive Strategies to Reduce Your Workers' Compensation Premiums

OnDemand Webinar (92 minutes)

Learn strategies to control your claims costs is and reduce your workers' compensation premiums.The vast majority of employers are underserved in the workers' compensation industry. This topic will be raw and fast-paced. You will be able to understand the many factors controlling your workers' compensation premium. This material will reveal the hidden agendas and costs that drive your workers' compensation premium and you will gain new ideas and strategies.

Authors

Duke Mills, WorkComp Solutions Morgan Reid, WorkComp Solutions

Agenda

Various Aspects to Costs of Workers' Compensation Policies

• COVID-19 Impact on Workers' Compensation Costs

• Guaranteed Cost Policies

- Classification Rates, Experience Rating, State Scheduled Credits

• Large Deductible Policies

- Classification Rates, State Scheduled Credits, Third-Party Administrator Costs, Managed Care Costs

• Employers in a PEO/Employee Leasing Agreement

- Rates Set by PEO, Administrative Costs, Claim Fees/Deductibles

Big Data Becomes Primary Underwriting Factor

• Insurance Companies Identifying What Your Premium Needs to Be

• Breaking out of the Insurance Companies' Model

Classification Rates and the Impact on Your Policy

• Rates Trending Down Over the Last Ten Years

• Natural Inflation to Your Experience Rating

• Insurance Companies Pulling Back on Safety Reward Programs

Claims Control Your Premium Costs

• Frequency vs. Severity and Impact

• Proactive and Preventative Strategies to Controlling Claims

• The Critical Component of Human Resources