Are you aware of the financial benefits of an effective return to work program?

• The data is crystal clear: the longer an injured employee is away from work, the more it will ultimately cost the employer. We will help you implement a robust return to work program that provides employees with appropriate care and facilitates quick recovery. 

WHAT DOCUMENTATION IS NEEDED FOR A SUCCESSFUL RETURN TO WORK PROGRAM?

• Documentation is a key aspect of return to work. We have all the forms necessary to document and communicate every step of the process.

HOW DO YOU COMMUNICATE YOUR RETURN TO WORK PROGRAM TO EMPLOYEES?

• Our employee communications pieces take the mystery out of the return to work process, so your employees can focus on their rehab and recovery instead of worrying about filling out the wrong form.
  

At Anastasi Insurance Agency, we can provide you with a comprehensive policy plus supplemental documents at no additional charges…

Here are just some of what we can provide:

EMPLOYER RESOURCES

Return to Work Policy

Return to Work Program Guide

Impact of Return to Work Programs Presentation

Report of Injury or Illness Form

Job Analysis and Physician Report of Work Capacity Form

Claim Topics: Return to Work Wages

Alternate Ideas for Return to Work Duties: General Industry

Return to Work Evaluation Form and Letter

EMPLOYEE RESOURCES

Employee Duties Regarding Occupational Injuries/Illnesses

Playing it Safe: Return to Work Program

Safety Spotlight Newsletter

 

 

You always put YOUR BUSINESS FIRST…

Insurance Fraud Services Overview

• One of the best ways to protect your business from workers’ compensation fraud is to be aware of potential red flags. As you’re filing a claim, our team can help you recognize warning signs that may suggest an instance of fraud and take steps to find the truth.

How does your business conduct incident investigations?

• Although you want to trust your employees, no organization is immune to the threat of insurance fraud. Use the resources available from Anastasi Insurance Agency, Inc. to investigate workplace injuries, ensure that your business isn’t being targeted for insurance fraud and keep your workers’ compensation costs down.

Is your business prepared to fight instances of workers compensation fraud?

• We can give you the materials you need to promote workplace health and safety, establish an effective return to work program, and communicate with employees and medical providers throughout the workers’ compensation claim process.

From an insurance buyer’s perspective, it can sometimes feel as if premium prices change on a whim. But the truth is that the insurance market is cyclical in nature, fluctuating between soft and hard markets:

• Soft markets—A soft market, which is sometimes called a buyer’s market, is characterized by stable premiums, broader terms of coverage, increased capacity, higher available limits and competition among insurance carriers for new business.
• Hard markets—A hard market, which is sometimes called a seller’s market, is characterized by increased premiums, diminished underwriting appetite and capacity, restricted coverage and less competition among insurance carriers for new business.

While many insurance buyers have enjoyed a soft market for years, the market is hardening. As a result, business leaders now face tough choices regarding their insurance, making it all the more important for them to understand what to expect in a hardening market and how to respond effectively.

Factors Contributing to a Hardening Market

In what was one of the longest soft markets in recent years, businesses across several lines of insurance enjoyed stable premiums and expanded coverage for decades. However, after years of gradual changes, the market is firming, leading to increased premiums and reduced capacity.

A number of different factors affect insurance pricing, but the following are common contributors to the hardening market:

• Catastrophic losses—Floods, hurricanes, wildfires and similar disasters are increasingly common and devastating. Years of costly disasters like these have compounded losses for insurers, driving up the cost of coverage overall. 
• Claims costs—Claims are increasing in both frequency and severity year over year. One reason for this is that settlement verdicts for bodily injury claims are steadily rising. Attorneys are more inclined to take claims to trial. This extends litigation and significantly raises the cost to defend a claim. Additionally, advances in health care have made treatment more effective, and people are living longer, fuller lives even after a serious accident. While this is a positive trend, it has had an impact on compensatory damages and benefits.
• Underwriting standards—Insurers are struggling to overcome underwriting losses, especially given how low interest rates have remained in recent times. This has made carriers more cautious, and many are restricting the classes of businesses and lines of insurance they are willing to underwrite. 
• Investment returns—Nearly every insurance carrier uses the funds it receives from premiums to invest in other markets. However, reduced interest rates have negatively impacted profitability, and carriers have a reduced their appetite for risk as a result.
• Reinsurance—Reinsurance is coverage for insurance companies. Carriers often buy reinsurance for risks they can’t or don’t wish to retain fully. However, reinsurance is becoming more expensive to obtain, which is causing carriers to increase their rates. 

What to Expect During a Hard Market and How to Respond

Even the most prepared organizations will have to adapt to the hard market, and businesses can expect to face:

• Higher premiums
• Increased scrutiny when it comes to underwriting (e.g., underwriters asking for more information regarding a business’s risk and characteristics)
• Coverage restrictions (e.g., increased retentions) or exclusions
• Conditional or nonrenewal notices

Put simply, during a hard market, insurance buyers may face difficult decisions regarding their insurance coverage. Thankfully, however, businesses are not without recourse in the face of a hard market. The following are some strategies to consider to help navigate shifts in the market:

1. Review your insurance program. Above all, check that your policies account for your business’s greatest exposures. An understanding of your coverage ensures you’re not overlooking any exclusions and will help you secure the right policy for your operations. During a hardening market, it may be necessary to make adjustments to your policies. However, those adjustments shouldn’t come at the expense of the coverage you need.  
2. Bolster your risk management efforts where possible. Doing so makes your business more attractive to insurers. Your broker can also help you review existing policies and procedures, and make suggestions on ways to secure favorable quotes.
3. Know your loss history. In a hard market, underwriters will be especially critical when reviewing loss trends. Be prepared to explain the factors contributing to a specific loss and the steps you’ve taken to mitigate future losses. 
4. Budget wisely and plan ahead. In some cases, premium increases are unavoidable, and organizations should be prepared. Businesses should budget accordingly and take insurance costs into account alongside their other normal expenses. 
5. Work with the right insurance broker. During a hard insurance market, it’s vital to have a competent insurance professional advising your business. Be sure to partner with a broker that has strong carrier relationships and knowledge of your industry.
6. Communicate with your broker early and often to determine how the hard market will affect your business. Starting the renewal process early can give your broker more time to secure the best coverage for your business. 

Business owners who proactively address risk, control losses and manage exposures will be better prepared for a hardening market than those who do not. Work with your broker now to prepare your business for changes down the road. Contact Anastasi Insurance Agency, Inc. today to get started.

Creating a Workers’ Compensation Process

For the unprepared, workers’ compensation (WC) issues can be both confusing and costly. Fortunately for employers, there are ways to actively engage WC issues to influence their outcomes.

Through management controls and active involvement in the WC process, your organization can effectively influence related costs. To do so you will have to establish a number of your own processes that guide decision making throughout your organization.

Areas requiring WC management can be divided into three main categories. These categories include facets that may range from the simple to the complex, but as a whole, address vital issues that can negatively influence WC costs in your company.

Workplace Safety Means Fewer Claims

Simply put, reducing claims reduces costs. Establishing a safety-minded culture throughout every level of your company is essential to keeping workers injury free. However, establishing such a culture isn’t an overnight solution. To be successful, an ongoing commitment to safety must be made. Such a commitment must be supported by management and given the necessary resources to succeed.

Developing comprehensive safety policies for employees builds a firm foundation for your safety culture to grow. Such policies also encourage OSHA compliance, further improving your safety efforts while helping you avoid costly fines.

Mitigate Loss After an Injury

Unfortunately, even with all the right programs in place, it is still possible for accidents to happen. When a workplace incident occurs how you respond can greatly influence the outcome of the claim. Prompt claim reporting is essential to keeping costs down. It is also important to have a designated injury management coordinator, someone who can supervise open claims and work with both employees and medical personnel to facilitate the timely recovery.  

The longer an employee is out of work the more expensive their claim will be. Return-to-work programs that allow injured employees to come back to work at a limited capacity during the recovery process, are one of the most effective tools business owners have to reduce the severity of a claim.

Managing Your Mod

Insurers use what is known as an experience modification factor, or mod, to calculate the premiums you pay for workers’ compensation coverage. By managing your exposures and promoting safety it is possible to manage your mod and decrease your premium rates.

Like a good safety program, controlling your mod is an ongoing process. To reap the benefits of lower premiums you will have to keep in regular contact with your insurance provider to ensure they have the most accurate data to use in their calculations.

 

Contact us today to see how we can help you and your business.

 

Your Business First….