Worker’s Compensation Insurance can be an expensive investment; however, it is not optional as the government requires that every business carry it. The cost of this insurance depends on the company’s Experience Modification. The Experience Modification (Ex Mod) looks at loss history for the company. In other words, the higher the amount lost, the more that you will pay. There are ways to reduce the amount that you pay for Worker’s Compensation Insurance and one of them is to implement what’s called the “Return to Work Program.” The way that you save money on worker’s comp insurance is that it helps you keep your Ex Mod lower.
What Is “Return To Work?”
In order to understand how you can save money on Worker’s Compensation Insurance with the “Return to Work” program, you need to understand what the program actually is. First of all it is also known as Transitional Work or Modified Duty and it is a program that will help your employees get back to work in a quick and safer manner. An example would be an employee who is injured badly enough to not be able to perform their original job duties, but may be capable to do something else in the office like filing or answering phones, so the Worker’s Compensation Insurance is reduced because the employee is back to work sooner.
Setting Up The Program
You should know that the positions which are created in the “Return to Work” which tend to save you money on Worker’s Compensation Insurance should not necessarily be full time. What is needed is that the employee is back to work and earning some money. Some of the companies that can provide you with Worker’s Compensation Insurance will also gladly help you set up the “Return to Work” program. If the insurance carrier you are using currently cannot help you with the creation of the program, talk with your insurance broker, they are a value resource.
Does your business need worker’s compensation insurance? This article will help you decide.