Why is Risk Management Important?
· Creates significant savings in claims and insurance costs
· Mitigates current and future risks impacting claims cost
· Creates a safety culture and awareness within your organization
· Helps to protect your assets: your employees, your customers, your physical assets
Why Do I Need Claims Advocacy?
· Maintain control over a claim from intake to closure
· Provide the necessary attention to each of your files to achieve the most desirable
outcome
· Limit indemnity exposure through return to work and transitional duty
· Communicate expectations with the insurance carrier
Why is My Experience Mod Important?
· The mod factor represents either a credit or debit that is applied to your workers’
· compensation premium
· A mod factor greater than 1.0 is a debit mod, which means that your losses are worse
than expected and a surcharge will be added to your premium
· A mod factor less than 1.0 is a credit mod, which means losses are better than
expected, resulting in a discounted premium
What are the Monopolistic States and what does that mean?
· There are currently 4 states that is considered monopolistic. They are, Washington, Ohio,
North Dakota, and Wyoming. The U.S. Virgin Island and Puerto Rico are also considered
monopolistic.These are jurisdictions where an employer must obtain workers
compensation insurance from a compulsory state fund or qualify as a self-insurer.
· Such insurance is not subject to any of the procedures or programs of the National
Council on Compensation Insurance (NCCI).
· Instead, each jurisdiction has its own rules and regulations that govern the placement and
administration of workers compensation insurance.