5 Workers’ Comp Claim Tips for Your Employer Clients

by David Bell | Apr 4, 2018

Filing an insurance claim is inevitable. The ability to do so is why people purchased the insurance policy from you in the first place.

The question is, do your customers know how to file a claim? When the time comes are they going to scramble to uncover what to do? Or can you make it easier by providing step-by-step tips that educate them on the process in advance?

The section between the lines provides a quick and easy guide you can post on your website or in your email communications with your employer clients.

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Employer Tips for Managing Workers’ Comp Claims

As a business owner, you hope you never have to rely on your workers’ comp insurance policy. But similar to a fire drill, it is important to understand what you’ll need to do when the time comes to file a workers’ comp claim.

Knowing your employer responsibilities in advance can save you time while helping to reduce liability, potential lawsuits, and potential employee repercussions.

Take time to these fundamental steps now. When the time comes to file a claim, you can easily navigate the process. You’ll also keep your business financially stable while ensuring your employee can easily recover.

Report Claims Immediately. Thoroughly fill out a “First Report of Injury” form. Failing to report your claim promptly and accurately could result in fines and penalties.  Studies have shown that the longer a company waits to report an injury, the higher the damage costs. You can keep costs down by acting as soon as you learn an employee is in need of workers’ compensation benefits.

Document the Details. Create a paper trail that documents the details about the employee’s situation. Capture the who, what, when, where, why and how information. Interview the employee and any witnesses as soon as possible. It is important to capture details while it is fresh on the minds of those involved. Get signed statements. Take photos, as appropriate.

Contact Your Claims Representative. Be prepared to share the details and documentation surrounding your employee’s injury or illness. Have your employee’s contact info, wage history and claim history on hand. After you’ve provided the details, your claims representative will submit the required paperwork you shared.

Share Your Return to Work Plan. To prevent claims from escalating, share your company’s return to work plan with the employee and your claims representative. If possible, be prepared to facilitate modified work restrictions. If your employee’s responsibilities cannot accommodate modified duty, make sure all parties involved know this up front. Sharing this details from the beginning creates a clear game plan while setting expectations regarding productivity impact and overall team morale.

Keep in Touch. Out of sight, does not equal out of mind. It is critical that you consistently communicate with your employee about their status and progress. Studies have found that injured workers who feel their informational needs met also return to work faster. Let your employee know you are concerned about their recovery.

By making yourself familiar with these five steps, you can easily navigate the workers’ comp process when the time comes.

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Remember, while selling insurance policies keeps your independent insurance business going, it is only one facet of your job. To ensure repeat customers, you need to find ways to strengthen your employer client relationships. The more you can share helpful insights like this with your existing client base — the easier it is for customers to stick with you.

How To Educate Employer Clients About Workers’ Comp

by David Bell | Mar 28, 2018

Talking to your employer clients about workers’ comp insurance can seem pretty cut and dry. It is a fact that all small business owners need workers’ comp. Yet, there is so much more to it than your small business owner clients probably know.

Consumers and agents alike realize the basics about workers’ comp are pretty easy to understand. The bottom line is that every employer is responsible for providing a safe work environment, and liable for any occupational injuries.

Workers’ Comp Insurance policies can offer coverage for medical expenses, replacement wages, disability benefits, and even death benefits.

But as an independent insurance agent, you know there is much more information your employer clients need to know.

When you take the time share insights beyond basic understanding, you are providing a valuable service while connecting with your customers. Educating employer clients helps you stand out and gives you a leg up on your competition.

To help you quickly showcase your expertise, we’ve collected a list of Workers’ Comp Facts you can share with prospects. You can read the tips here. But you can also download this sheet to print or email it to your clients. You can even place it on your website.

Share these workers’ comp educational tips with prospective clients whenever you’re going to discuss their workers’ comp needs. Let clients know that your knowledge and expertise is part of the additional value they get when they use your independent insurance agency.

Essential Workers’ Comp Insights Business Owners Need to Know

Here’s a list of facts every business owner and employer should keep in mind as you evaluate workers’ compensation policy options.

Workers’ compensation claims are expensive. The average claim for lost time is $29K. The average indemnity claim is $24K. Collectively you could pay approximately $53K without workers’ comp insurance policies in place. (Source: National Council on Compensation Insurance.)

Workers’ Comp premiums are affected by workplace safety. The premium calculation is dependent upon your “experience modifier” that compares losses you’ve already experienced to anticipated losses for all members of your industry. The fewer your claims, the lower your premiums.

Decreasing claims can lower your premium. Make workplace safety a priority by training employees how to use safety equipment and do their jobs without incidents. Make the training mandatory and document who attends each session.

Correct worker classification may cut workers’ comp costs. Workers classification codes have different prices attached to them, and indication occupational risks. The riskier the job, the more it costs for insurance. Taking the time to classify your team members properly can ensure you’re paying the right amount for each employee.

A return-to-work program can reduce future premiums. By reducing the number of workdays lost to injuries or illness, you can decrease lost wages. In turn, you can reduce future increases in workers’ comp insurance. It is a domino effect that you can control with a simple program that helps you document loss management.

Workers’ comp laws vary by state. Most states require an employer to carry a workers’ comp policy with only one part-time employee. Other states require employers to have a certain number of employees before workers’ comp insurance is mandated.

Employees can collect workers’ comp benefits whenever they perform their job. It doesn’t matter where the incident occurs as long as an employee is performing their job. If your employee travels for work, attends a company-sponsored event, or runs a job-related errand, they can collect workers’ comp.

Pre-existing conditions worsened by work are covered. Any pre-existing condition that aggravates or makes a condition worse can file for workers’ compensation coverage.

Don’t assume the risk of workplace illnesses or injuries yourself. Protect your business by getting a simple, cost-effective workers’ compensation policy in place today.

Download “Essential Workers’ Comp Insights for Business Owners” sheet now.

Add it to your arsenal of value-added information you provide your employer clients.

Download Now

Workers’ Comp Questions Insurance Brokers Should Answer

by David Bell | Jan 22, 2018

There is an excellent opportunity for insurance brokers to sell workers’ comp since any business with employees needs this type of insurance to conduct business. This also means employers are seeking the best rates they can find. In turn, this increases the pressure to become competitive.

How can you set yourself apart from other insurance brokers selling workers’ comp? Let prospective clients know they can trust you. Demonstrate you have their best interests at heart while showcasing your ability to partner with them. There are many ways you can stand out from the crowd, including promoting your knowledge, offering answers to critical questions, and leveraging technology to find hard-to-place quotes quickly.

Promote Your Knowledge

Elevate your understanding of workers’ comp while building trust by mapping out a process to address client needs. Make it a two-pronged approach that highlights your credentials and walks them through standard questions they need answered.

Weave your know-how into conversations. Highlight it on your website, and create a one-page flyer about you and your company. In each approach you’ll want to:

• Establish trust by offering customers an overview of what they get when they do business with you.
• Share how your expertise and knowledge of state rules and regulations may help them get lower rates.
• Highlight your credentials and the regular trainings you participate in keep you up-to-date.
• Walk them through the process you use to access markets for the best solutions to meet their needs.

Offer Answers to Key Questions

Most employees are not sure what questions to ask when shopping for insurance. In turn, they can end up with inadequate coverage because they unknowingly enlist the support of an agent who doesn’t specialize in workers’ comp.

Create a list of top questions your customers need answered when looking to buy workers’ comp insurance. You can help your customers become knowledgeable by sharing a checklist of questions you want to help them answer. Consider posing these questions to demonstrate your know-how and provide answers to questions about quotes, rates and employees:

Your Know-How

• Do you educate employers about how workers’ comp programs work?
• Do you have an understanding of all workers’ comp plan designs?
• How can they protect themselves from workers’ comp fraud?
• Does their safety program comply with OSHA?
• Do you search the market for options and programs to fit the individual needs of their business?
• Are there ways to opt-out of workers’ comp insurance?
• How do you build a bridge between their business and the insurer?
• What is the rating of your firm and the companies with which you work?

The Quoting Process

• What information should they have to get a quote?
• Is their payroll up-to-date and listed correctly?
• How does workers’ comp insurance work in the states where they do business?
• Are there limits on specific categories?
• How can you help them choose the right coverage?
• How can they provide proof of ownership?
• What do they need included in their plan?

Finding Rates & Costs

• How is their workers’ comp rate determined?
• What is an experience modification and how does it impact rates?
• Can you review their employee classifications to make sure they are correct?
• How can you help us keep a lid on rising workers’ comp costs?
• Are there things we they do to minimize their premium?
• Can their safety programs impact their workers’ comp rates?

Employees

• What if they have employees in multiple states?
• Do they have to care workers’ comp insurance if they don’t have employees?
• Do they still need workers’ comp if they use contractors instead of employees?
• What happens when a business does not have workers’ comp coverage and an employee files a lawsuit?
• How do you help handle workers’ comp claims?
• How do you keep their employee data safe?

We’ve put these questions into a handy infographic you can download and have on hand to share with clients. Feel free to email them the PDF in advance of a meeting. Laminate a copy and share with customers when they come into your office. Print copies that you include in the folder of information you provide.

Leverage Technology for Quick Quotes

A key to your success is finding the best workers’ comp options and quotes as quickly as possible. Are you like many insurance brokers who are still tethered to paper processes and phone calls to find workable solutions for clients? Set yourself apart by tapping into automated resources. Technology provides the ability to access multiple markets quickly, especially if you have the right tool at your fingertips.

Syndicated Insurance Resources provides a technology dashboard that harnesses the best market access and solutions for you to access for free. There is no catch. You use the tools to find options, and when your client agrees to purchase, you earn higher commissions. The dashboard is easy to use, and the customer service goes above and beyond to help you get quick quotes – even for those hard-to-place clients.

You are certain to build trust with clients and prospects if you create ways to promote your knowledge, offer answers to critical questions, and leverage technology to find hard-to-place quotes quickly. Taking extra steps to showcase your workers’ comp expertise is certain to make your prospective customers feel comfortable with the services you offer.