Despite robust safety protocols, workplace accidents and injuries occur. Workers’ compensation provides medical, wage replacement, and death benefits to employees hurt on the job per state regulations. Carrying adequate workers’ comp is mandatory; failing to do so brings significant liability. Employee Retention Benefits (ERB) partners with highly rated carriers to secure customized policies based on your organization’s risk classification, claims history, and size. We negotiate optimal rates and coverage terms so employees get appropriate care without negatively impacting your bottom line.
Optimizing Your Experience Modification Rate
A key workers’ comp cost driver is your experience modification rate or MOD rate. This multiplies your base premium based on past loss history. Higher MOD rates mean increased premiums. ERB conducts deep MOD rate analysis to identify opportunities for improvement. This includes challenging past claims classifications, pursuing credits for safety initiatives, examining payroll allocations across risk classes, and more. Our MOD rate optimization reduces your premium burden year after year.
To enhance the precision of our MOD rate analysis, ERB leverages advanced analytics and industry benchmarks. We meticulously audit each component contributing to your rate, ensuring it reflects the reality of your workplace environment and not inflated metrics to unfairly penalize your business. By doing so, we help to rectify discrepancies leading to tangible premium savings. Furthermore, ERB will advocate for your organization during rate-setting processes, ensuring your business’s commitment to safety and diligent claims management is accurately represented.
Promoting Workplace Safety and Accident Prevention
The best way to control workers’ comp costs is to prevent accidents in the first place. ERB provides access to safety resources, including workplace risk assessments, employee training programs, consulting, and more. We also facilitate the formation of joint safety committees and help implement their safety initiative recommendations. The goal is to engraining a culture focused on safety and accident prevention from day one.
Beyond basic compliance, ERB’s safety programs are customized to address the unique vulnerabilities within your organization’s operational framework. We don’t just check boxes; we innovate and adapt. Our strategies might include cutting-edge technology solutions for hazard detection, wellness programs to boost overall employee health, and resilience training to prepare employees for potential scenarios. It’s a holistic approach aiming to mitigate the apparent risks and fosters a proactive workforce to anticipate and navigate the subtler nuances of workplace safety.
Claims Management and Return to Work Programs
Even with prevention efforts, some claims will occur. ERB partners with your organization to implement return-to-work programs to bring injured staff back quickly in transitional roles. We also work with medical providers to ensure appropriate care while eliminating unnecessary treatments or doctor visits. The focus is minimizing claim duration and expense while doing right by your injured employee.
At ERB, we aim to make workers’ compensation an asset protecting your finances and workforce. Please contact our expert team to learn more about our customized workers’ comp solutions.
