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Sometimes errors in the experience mod rating occur, and these errors can cost the employer money through increased premium. You can get errors corrected, but you need to know how to identify such errors, and how to get them fixed. One source of mod errors can be mistakes or omissions in the reporting data your carrier submits to the rating agency. There also can be a discrepancy between your audited payroll data or loss runs and the data on the mod worksheet.
Minnesota school districts are facing unprecedented budget challenges. Workers’ compensation is an inevitable expense — you need the coverage to keep your doors open, but if left uncontrolled, it can run up hundreds of thousands of dollars. This survival guide provides a number of opportunities for you to get your work comp costs under control and lower the amount you pay for your insurance.
Download this eBook today: Minnesota Schools Work Comp Guide
One of the most expensive costs for nearly any business is that of workers’ compensation insurance. Your hiring process can be an important first step toward preventing work comp claims. Here are some hiring practices that can help stop work comp claims before they even walk through your door.
Few employers realize the importance of overseeing the workers’ compensation premium audit, which occurs at the end of each year to ensure you are paying the correct premium. After an audit, you could receive a surprise bill if the remuneration in work comp benefits paid to employees is found to be inaccurate — or you could receive a reimbursement. Auditors are susceptible to error, so be sure to classify benefits and wages appropriately, be prepared for the audit each year, and manage the process as much as possible.
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