Workers’ Comp

Making Workers’ Compensation Insurance Work for You

We often think of workers’ compensation insurance as something that exists to protect workers. Indeed, it does provide workers with the financial compensation and support they need in the event that they are injured on the job. However, workers’ compensation was also created to protect employers. It serves as an alternative to potentially costly lawsuits that would otherwise put business owners at risk of bankruptcy.

For employers, workers’ compensation costs can range from reasonable to astronomical, depending on variables like industry, company size and mod factor. The trick to reaping all the benefits of this unique type of insurance—while paying minimal premiums—is to implement proven mod reduction and cost control solutions.

Mod Analysis

Understanding how workers’ compensation premiums are calculated can be tricky. One of the biggest variables is known as a mod factor, which is the safety rating assigned to your business based on the number of workplace accidents you’ve reported, the risks you face within your industry and how your company’s accident history compares to other businesses like yours. If it sounds complicated, that’s because it is! Nevertheless, our agency can help you understand your mod factor and identify ways to improve it—ultimately helping to reduce the premiums you pay.

Cost Control and Reduction Strategies

Once we’ve identified ways to improve your mod, our agency will provide you with the resources necessary to implement those improvements. We will also help you develop strategies that enable you to achieve the following benefits:

  • Comply with all OSHA safety standards
  • Create a proactive safety program
  • Develop comprehensive safety manuals
  • Design return to work programs for injured employees
  • Increase transparency in employee communications
  • Report claims in a timely manner

Understanding mod calculations and implementing cost reduction solutions can be overwhelming—especially for small business owners. At King Forman Insurance Agency, we are proud to share our decades of experience and knowledge with our valued clients. If you are not yet a client, contact us at 847-298-0100 to learn more about how our agency can help you.