High Debit Experience Modification Solutions

High Debit Experience Modification Solutions   Many companies find themselves with a high or debit experience modification rating.  What does this mean?  A debit modification rating means that your business has had a higher percentage of claims than other business in your same classification. As a business owner, having a debit modification rating means increased expense.  If you or your clients are faced with a debit modification, you need to review your policies and procedures and make sure your workers’ compensation carrier is working...

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Non-Profit D & O Coverage

“Thirty-six percent of those who purchased directors and officers insurance reported having a claim in the last 10 years. Nonprofits had the highest proportion of those reporting claims at 63 percent, followed by public companies (33 percent) and private companies (27 percent).” – Risk and Insurance Management’s 2012 Cost of Arena Risk Survey and Loss Adjusting Services. If you are serving on a board without D & O Coverage, you need to convince the organization that this is a much needed coverage. Without this coverage, one claim can put...

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Debit Mod Workers’ Compensation

A large factor in determining your workers’ compensation premium is your experience modification factor or mod.  Your mod is calculated by comparing your company’s actual losses versus the expected losses by industry type.  Any mod factor less than 1.0 is a credit mod; any mod factor greater than 1.0 is a debit mod.  A debit mod means that your company’s losses are greater than the industry standard and your premium will be surcharged. At Corporate Risk Services, LLC, we specialize in workers’ compensation for companies with high debit mod...

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Obesity: Now a Disease

The AMA declaration of obesity as a disease raises a number of questions and legal issues which are sure to make their way through the workers’ compensation system.

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Medical Only Claims: Keep an eye on them!

Usually employers and carriers assume medical-only claims will be closed within 90 days. However, these claims can be the most costly to both as they can quickly develop into lost time and indemnity claims.

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Four Steps to reducing your Workers’ Compensation Costs

If you are an administrator or owner of a healthcare facility that relies on Medicare or Medicaid as your primary source of revenue, you are sure to be feeling the pinch of reduced funding and payments. Perhaps the most difficult duty of an administrator or owner is trimming the budget and reducing overhead. Aside from payroll itself, your workers’ compensation insurance is likely your single biggest employee-related expense, however choosing the least expensive carrier now can lead to increased premiums in the future. Here are four steps to reducing your workers’ compensation costs.

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