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You probably have a sense that handling your company’s workers’ compensation claims is related to managing your company’s compliance with federal or state occupational safety and health laws and regulations. However, there are differences.
An experience modification factor is the ratio of the costs of a company’s actual workers’ compensation claims compared to the expected costs for companies of similar size in the same industry. The number is highly significant to employers—lower is better—because the experience modification factor determines workers’ compensation premiums.
You worry about your workers’ compensation insurance premiums and the claims activity on your policy. You have concerns about the recordable injuries you must add to your injury and illness logs. Will your premiums go up? Will you be targeted by the Occupational Safety and Health Administration (OSHA) or state agency for an on-site inspection? […]
Participants in a workers’ compensation fraud scheme were recently sentenced in federal court in San Diego, California. Dozens of marketers, doctors, lawyers, and medical service providers conspired to bilk the workers’ compensation system in California, according to the Federal Bureau of Investigation (FBI) and the U.S. Attorney’s Office for the Southern District of California.
Many factors can affect the number and severity of your workers’ compensation claims, but none more than the quality of your workplace safety and health program. Some studies have shown that every dollar invested in a safety and health management program can net an employer $3 to $10 in cost savings.