Why us a generalist for your workers’ compensation program when you can use a broker recognized for being one of the leaders at helping companies increase their profitability by lowering work comp costs.
Here are some key points to keep in mind when you evalute your current work comp broker.
1. How often do you see your broker and what is that broker doing for you to help you lower your work comp costs? If you see your broker once a year have you asked what you are getting for the money they are making?
2. Has your broker ever explained to you that medical only claims are discounted by 70% in Nebraska and many other states? If not, this is a very important aspect to understanding how you can lower your work comp costs. It also is an area where we see a lot of bad advice given by brokers on paying small claims or how deductibles affect you. If your broker hasn’t explained this important yet basic fact to you then how confident can you be that you aren’t overpaying for your work comp costs?
3.When selecting a broker, biggest isn’t always the best. Again, just because they are larger doesn’t mean they are an expert in workers’ compensation.
4.Yes, we know you may have claim review meetings BUT….have you actually been provided with the results of what those meetings accomplished? Did you actually find out if an open claim reserve was lowered prior to unit stat card time? Did you actually receive a report detailing the activities of the open claims and showing the impact on your experience modification factor if the claim was closed or lowered? Please remember there is a huge difference between a claim review meeting and actually providing you with proven outcomes that reduce your costs.
5.Does your broker provide you with an online resource to assist you with OSHA compliance, human resources questions, safety and loss control information and the ability to do your OSHA logs online?
6.Remember, just because a broker may claim they have a background in your industry doesn’t mean they have a workers’ compensation background that can really help you. It is more important for your work comp broker to understand work comp than it is for them to know your industry. For example, we have seen trucking, hospitality,health care and other specialist brokers that don’t have any background in helping you improve your work comp program. The perfect solution for you is to parnter with those specialists for your non work comp policies and partner with a work comp specialist to help you increase your profitability.
7. Has your broker provided you with a Work Comp resource guide and employee injury kit to help your organization and employees know what is expected when an injury takes place?
8. Has your broker reviewed your class codes and provided you with an audit guide to help ensure no mistakes are made when it is time for your audit?
9. Has your broker provided you with a service timeline to demonstarte what they can provide for you and assisted in improving your return-to-work program?
10.Has your broker offered or provided supervisory training for you and offered assistance for your safety committee?
UNICO Group was named the 2010 National Work Comp Agency of The Year by the Institute of Work Comp Professionals. Our UNICOMP services have helped companies across the country improve their workers’ compensation programs and increase their profitability. Also, there are big changes coming in 2013 to how NCCI will determine your experience modifiction factor. If you haven’t been told about his yet don’t hesitate to contact us to learn more!