Workers’ Compensation is a major source of cost to any business. Even in today’s competitive insurance environment, few safety professionals understand the direct relationship between worker injuries and Workers’ Compensation insurance costs. This seminar will fill in the gaps in the safety professional’s knowledge of the system. Participants will discover how the ultimate cost of Workers’ Compensation insurance is determined by the type of plan, the employer’s short and long-term loss experience, and the care with which the organization audits the computation of premium. It will address the impact of experience modification, retrospective rating plans, payroll classification and audit tips, identification of problem claims, return to work strategies, and other opportunities to produce measurable reductions in insurance cost.
Learn to
• Discuss the coverage provided by Workers’ Compensation insurance
• Make the Workers’ Compensation rating system work for the organization
• Identify primary sources of the organization’s own loss experience and target safety efforts toward these loss sources
• Return injured employees to productive work quickly
• Aggressively manage claims to control medical and indemnity cost
• Allocate Workers’ Compensation costs to business units
Instructor(s): Philip E. Goldsmith, CSP, ARM, Deputy Chief, Risk Management, National Gallery of Art, Washington, DC
Credit: 1 Day / .7 CEU / 1.17 Safety CM Points # 10-2815