SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Author: Amy DeJong

Managing your workers comp class codes can be a challenge. These complex numbers represent an extensive compilation of job descriptions and they vary by state. Many employers end up using incorrect classifications, while others avoid updating them from year to year. However, workers comp class codes play a vital role in regulating insurance premiums and can have a substantial impact on your workers’ compensation policy. They need to be a priority.

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The Family Medical Leave Act (FMLA) regulations can be difficult to follow. Mix in some workers’ compensation laws and things can get really complicated. FMLA protects the employment status and health benefits of an individual for up to 12 weeks under certain qualifying criteria. Workers’ compensation provides benefits and wage replacement to employees who suffer job-related injuries and illnesses. It is possible for FMLA and workers’ compensation to run concurrently when an employee misses work due to an on-the-job injury that qualifies as a serious health condition. This can be any illness, injury, impairment or physical / mental condition that involves inpatient care or continuing treatment by a healthcare provider.

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Clients often ask us how they can lower their property and casualty insurance premiums. Some feel these costs are semi-fixed and out of their control. Many believe the best time to get lower premiums is during their annual renewal, but there’s more to it than shopping for a bargain price on insurance once a year. The best place to start is with a comprehensive business risk assessment.

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I have a six-inch scar that stretches down my right shoulder. This mark is a constant reminder of my sudden and frightening health scare, and it serves as my platform for skin cancer awareness. It’s a conversation starter that I hope pushes people to call a dermatologist and schedule a skin check – today.

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Since late 2013, the Occupational Safety and Health Administration (OSHA) has been working on a revision to Title 29 of the United States Code of Federal Regulations (CFR) Parts 1902 and 1904. The primary purpose of the amendment is to improve the tracking of workplace injuries and illnesses. Adoption of the final ruling was released on May 12, 2016, and the components applicable to reporting are set to become effective on January 1, 2017. Anti-retaliatory regulations were initially slated to become effective on August 10, 2016, but due to industry concerns with the scope of these regulations, the implementation date has been delayed (at the time of this writing) to November 1, 2016. The delay will impact the anti-retaliatory components that directly affect the ability of employers to perform post-injury drug screens. Given the current and impending changes, it is important that employers understand the new rules and ensure that their post-injury drug testing policies are compliant with the guidelines set forth and enforced by OSHA.

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Would you accept a financial contract from your bank that required you to pay a term interest rate of 150%? Of course not – that would be an unfair deal! So it is a bit puzzling why so many business owners accept highly unfavorable terms when it comes to their workers’ compensation policies. When claims go unmanaged and experience modification factors are left unchallenged, policy premiums can skyrocket. The good news is that workers’ compensation is one of the most controllable lines of risk.

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Owning your own business can be an exciting challenge. The stakes are often high, but the rewards can be great. When managed strategically, companies have the potential to develop into profitable businesses that experience continued growth and success. This can translate into comfortable and secure futures for the owners and the employees. However, it is important for business owners to have a clear, in-depth understanding of the risks tied to their businesses. A thorough risk assessment can help business owners identify vulnerabilities and protect their companies from financial downfalls resulting from unprotected liabilities. Is your company protected from the wide variety of risks and exposures that exist in today’s business environment? If you can’t respond with a confident “yes,” then you need to keep reading.

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