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Risk Management & Workman’s Comp |
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Risk management is a process that assists decision makers in reducing or offsetting risk (by systematically identifying, assessing, and controlling risk arising from operational factors) and making decisions that weigh risks against benefits. The risk management process provides managers and individuals a method to assist in identifying the optimum course of action. Risk management should be integrated into all levels of operations from planning to execution. Risk management facilitates the mitigation of the risks of injury to the workforce.
Production operations can be inherently complex, dynamic, and dangerous and, involve the acceptance of risk. Because risk is often related to gain, managers must weigh risk against the benefits to be gained from an operation. The manager's judgment balances the requirement for profitability with the inherent risks of operations. Managers have always practiced risk management in decision making; however, the approach to risk management and degree of success vary widely depending on the managers' level of training and experience.
A formal risk management process provides the tools for the evaluation and quantifying of hazards in an operation and allows for the efficient dedication of time and resources based on hazard severity and probability. The result is maximized safety performance for a given system.
To further explore how Risk Mangment programs can work for your company call us today at 866-534-3635 or email us at help@legendsafety.com. |
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One of the most confusing components of an employer's workers' compensation policy is the experience modification factor. Employers watch it increase and decrease from year to year without much understanding of how it works and what they can do to manage the experience mod to the absolute minimum. Agents and brokers need to know more about it themselves to better advise them.
Most employers intuitively suspect that if they have injuries, their experience mod will go up and, if they reduce or eliminate injuries, it will go down. At a basic level, their intuition is correct. Higher experience mods generally increase costs and lower experience mods decrease them, but there is much more to it.
Legend Safety has the experts you can consult for a better understanding of the mod factor and how to reduce them. While safety awareness plays a part it is not the answer to all. You NEED to understand all components or you surely will be overcharged.
According to the Institute of Work Comp Professionals, 80% of work comp audits are incorrect. Fifty percent of all Experience Mod calculations contain errors. Typically, no one checks the audits or the experience mod for these errors. We now have a program that will perform these audits on a contingency fee basis. You can go back two years and correct the audits. Many companies have enjoyed six figure returns as a result of this service.
To learn more about our cost effective workman's comp solutions call us today at 866-534-3635 or email us at help@legendsafety.com.
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