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workers' compensation Archives - Contractors Insurance Agency

Nov 14
0

Measuring Success in Workers Compensation

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The old adage says, “What gets measured, gets managed.” What does that mean for workers compensation? What can we measure to truly improve outcomes for everyone in the workers compensation system?

There is certainly no shortage of data, but what we do with it, how we measure it, and, most importantly, how we apply it are key components to improving the system for everyone.

The most important element of any program is treating injured workers well and getting them back to health and work as quickly as possible.

Three-point contact, adjuster caseloads, and the speed of communicating with the injured worker are all metrics to be extensively measured. But are these still relevant? Does success for these measurements lead to better outcomes, or should they evolve?

There is no definitive answer except that measurements are important if they ultimately lead to better outcomes.

Allowing metrics to evolve with advancing technology is important. The first communication with the injured worker is very different than just a short time ago. Some employers are now able to view employer video footage within hours of a claim being reported. Now, the first conversation with the injured worker can focus on them, not discovery.

The most important metrics to measure are those that focus on three core factors.

  • The speed with which the claim goes through the system
  • The quality of the medical care
  • Efforts around return to work

Keeping a balance on the metrics measured is key.

If you are making significant changes to your program, be sure to discuss these with the actuaries so they can adjust their modeling accordingly. Employers should meet with actuaries frequently to monitor trends that are impacting their program. It is important to show actuaries how all the metrics work together to see the whole story, rather than looking at any one metric in isolation.

Going forward, the industry will need to learn to trust the metrics more. It is time for stakeholders to rely on the technology, rather than what their guts are telling them should be right.

At the same time, it is crucial to make sure the customer is happy, regardless of what the measurements show. Measurements do not matter if the injured worker has a bad experience. There is no single measure that will guarantee success. The metrics can lead to positive outcomes when they are viewed as one factor in the overall injury management program. Organizations need to be willing to evolve and change with technology and the experiences of injured workers.

At the end of the day, it is how well we care for injured workers that is the most important thing.

If you have any questions about your workers compensation coverage please don’t hesitate to reach out to one of our licensed agents at Contractors Insurance Agency.

 

Jul 18
0

Why is a Certificate of Insurance Important?

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Are you a contractor, or a business that works with contractors? Then you’ve probably dealt with a certificate of insurance (COI). As a contractor, you’ve likely been asked to provide one to someone for whom you have worked. This is proof that you have proper insurance for the work you’re being hired to do. In fact, it can be an added benefit when you’re bidding for work.

What is a Certificate of Insurance?

Before we get into anything else, we have to clarify one very important thing. A certificate of insurance is not an actual insurance policy, and it’s not something you pay for. A COI is merely a document proving that you have insurance. It will typically show the types of coverage you carry, and what your liability limits are.

Why is a Certificate of Insurance Important?

For someone regularly hiring contractors, a COI can make a big difference in whether or not they choose you over someone else. If they hire a contractor without proper insurance, which can be proven with a COI, the company hiring the contractor could be held liable in the event that something goes wrong. Sometimes accidents happen and damage is done, but with a COI, you can prove that if something does occur, you’ll be able to cover the damage costs. The same thing applies if one of your workers gets injured on the job. With workers compensation insurance and the COI, you’ll be able to prove that you can take care of the costs and liability associated with any of these unfortunate circumstances.

Why Does Someone Want to See Your COI?

As a contractor, people for whom you work will always request a COI. They want to know and make sure that you have proper insurance coverage, so that they aren’t liable in the event of a claim. By having a COI, you are showing them a couple of things about your business if you have proper insurance coverage.

  • Common business coverage includes general liability insurance, which covers you if damage is done to property or someone outside of your company is injured on the job. Showing proof of general liability on your COI gives peace of mind to the person hiring you because they know that you’ll be responsible if an accident occurs.
  • Another type of insurance you should have (if you don’t already) is workers compensation. By proving that you have workers comp insurance, you can assure whoever’s hiring you that if one of your workers is injured, you’ll be able to cover their costs, and no one but you will be liable for their injury.

How is a Certificate of Insurance a Selling Point?

Unfortunately, some contractors will try to convince a business hiring them that they have proper insurance, when in fact they don’t. This is one of the reasons it’s so common for people to request your COI. Even with a COI, some contractors will use one that is expired or fake. With an accurate and current COI, you can assure the business hiring you that everything is covered and they won’t have anything to worry about. You can point out a couple of things to reassure someone that you’re reputable and your insurance is up to par.

  • Show them what types of insurance you have and why each one applies to their particular job. Explain that workers compensation coverage will protect them in the event that one of your employees gets hurt on the job. Do the same with your general liability coverage. These explanations will help them understand who holds the risk and how that benefits them.
  • You can also show them that the name on the COI is the same as your business, verifying that it is actually for your business and is valid.
  • The same applies for the dates on the COI. Point out that your insurance is current and will last throughout the job duration. If your insurance is set to renew during the job, assure them that you will present a new COI when you renew it.

While these things might seem simple or pointless, it can show that you care about transparency, and want to make sure everything is taken care of when it comes to the job.

How Do I Get a Certificate of Insurance?

When someone requests your COI, just go to your insurance agency and request it from them. You can then send it to whomever needs it. If you don’t have insurance, then you’ll need to get insurance before you can request a COI. As mentioned above, not only is it important to have insurance for your business, but it can also be added value when bidding for work.

Contractor’s Insurance Agency Can Help

If you’re a contractor and need insurance, Contractor’s Insurance Agency can help. Our name might give it away, but we specialize in helping contractors with their insurance needs. If you have insurance already, but have questions about COIs, feel free to give us a call at (888) 266-5120 or drop by our office. We’d love to serve you!

May 25
6
Tips to Reduce Your Fall Risk

Help Lessen the Risk for a Workplace Accident with These Safety Tips

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Workplace injuries pose a threat to the safety of your business and the well-being of your employees. They’re unexpected and can happen to anyone at any time. However, implementing the right precautions can help to minimize your risk. Check out these workplace safety practices to help you keep your workplace safer.

Stay Organized.

The more organized you are, the better able you are to react to a situation. When an accident happens, it’s easy to lose your cool, but when you’re organized, you know exactly how to handle the situation. You’re therefore able to stay calm and best address the injury.

Keep a Plan Handy.

While no one expects injuries to happen, they sometimes occur.  From establishing steps to handle a workers’ compensation claim to creating an evacuation plan, ensure that you draft the right policies and share them with your employees.

Learn First-Aid.

When an accident happens, it’s important to call for medical attention. However, waiting for help to arrive may take a while. Ensure that your employees are well-versed in first-aid so that they can offer basic assistance until emergency assistance arrives. Additionally, it’s important to keep first-aid equipment nearby so that it’s easily accessible.

Invest in Workers’ Compensation Insurance.

When accidents happen, paying for your employee’s medical bills can get pricey. Workers’ compensation insurance helps to give your business the protection that you need to handle an injury.

Keep your workplace safer with these safety practices. Invest in the right commercial insurance so that you’re best able to protect your business. Contact the professionals at Contractors Insurance Agency for the commercial insurance coverage you need.

May 02
6
Tips to Reduce Your Fall Risk

Employee Injured on the Job? Learn How to Handle a Workplace Injury

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Find out what you need to know about how to handle work-related injuries.

Keeping your workplace secure is a top priority, especially when it comes to the safety of your employees. Should an employee get hurt on the job, it can be detrimental to their well-being and your business. While you try your best to prevent workplace injuries, sometimes accidents happen. Find out what you need to know about how to handle workplace injuries.

Get Help.

Immediately after an accident, it’s important that you ensure that your employee gets the medical attention that they need. Ensure that your employee gets to a doctor as soon as possible. That way you’re better able to ensure that your employee is okay.

Conduct an Investigation.

After an injury, it’s important that you conduct a formal investigation of the incident. Get a detailed account of what happened from the injured employee as well as any eyewitnesses. Additionally, check out the site of the accident. Take pictures of the area and make a note of anything unusual or out of place. That way you’re best able to analyze the situation and determine how the injury occurred in the first place. You can then implement the right precautions to prevent it from happening again.

Submit a Claim.

It’s important that you have the right insurance coverage when it comes to your workplace. Workers’ compensation insurance is a must. It helps to cover the costs of your employee’s medical bills and offers supplementary income to your employees to help them get back on their feet. Ensure that you properly file a claim after a workplace injury, big or small, so that you can best file the claim.

Get the workers’ compensation coverage that you need to protect your business from on-the-job injuries. Contact the professionals at Contractors Insurance Agency for the commercial insurance coverage you need.

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