R&R Insurance Blog

It's that time of year again in Wisconsin - time to start thinking about turning on the heat in your house.  When was the last time you took a look at your furnace?  Better yet, when was the last time your furnace had a tune-up?

R&R client, ServiceMaster Recovery Services, gives tips on a "Do-It-Yourself Furnace Tune-Up" and Carbon Monoxide safety measures:

1. Take a look at your furnace - is there black soot or residue?
2. Turn up the thermostat - are the flames blue in color?
3. Dust & wipe down the furnace; check the tension and condition of the fan belt.
4. Change the furnace filter once a month during heating season. 

A furnace that is not properly maintained runs the risk of leaking Carbon Monoxide.  Detection of this colorless, odorless gas can be aided with installation of Carbon Monoxide detectors throughout your home.

Not only does regular maintenance of the furnace help to lower heating bills, it could also save you money on your homeowners insurance: 12 Ways to Lower Your Homeowners Insurance Costs.

Wisconsin residents, contact a R&R knowledgebroker to ensure all aspects of your home are properly covered.

Don't be surprised if your renewal comes through with a significantly reduced dividend or none at all. The insurance market is changing. The soft market and other external financial factors warranted workers compensation carriers to offer large flat dividends to their commercial insureds. Those days are numbered. (See CFO.com September 18, 2012: Insurance Rate Outlook: From Flat to Soaring) 

• If your flat dividend is significantly reduced, how do you fight to keep it?
• If you're offered either a flat or a variable dividend, how do you know which one to choose?
• Perhaps your only choice at renewal is a variable, how do you ensure that you receive the most dividend that you deserve? The simple answer to all of these questions is that you earn it... Here's how:

Fight to keep the flat dividend that you have
If your loss ratio is perfect and if you have the systems and programs in place to keep your losses at a very minimum, then your broker should be presenting you in that light. Prove that your business is worthy of the flat dividend by showing your process controls. Your loss ratio will be a key driver of this.

Flat or Variable Dividend - which one is right for your business?
This depends on your loss ratio. Obviously, if you have a big flat, then try to keep it. If you are offered a low flat or a higher variable dividend, it's a gamble. Do you have the processes in place to ensure a low loss ratio? Do you have a return to work program? A culture of safety? Accident investigation processes that work in your favor? How do you manage your experience MOD? If you're doing these things correctly, then perhaps the variable is the right choice. The correct processes and programs in place will enable you to earn as much of the variable that's offered.

If your only choice is a variable dividend, how do you earn the maximum? The same above applies. Earn it. Earn all of it. It's possible, with the right resources, the right processes, and a zero-accident culture, that your business can earn the workers compensation dividend that it deserves.

Wisconsin businesses, if you don't have these processes in place, if you don't have local in-house resources to help make this happen, or if your broker isn't looking out for your best interest when it comes to fighting for your dividend, then you need to contact a knowledgebroker.

Related information:

3 Ways to Improve Your Chances of Earning a Workers Compensation Dividend
Advantages of a Structured Return to Work Program
3 Common Mistakes of Accident Investigation
Making Time Work For You in a Workers Compensation Claim

Return to work quick videos

A lot of business owners concentrate on the dividend portion of a workers compensation insurance policy. Rightly so, it’s a significant refund and can be critical to the bottom line of any business.  What business owners and CFO’s don’t often realize, though is that if you manage your experience MOD first, the dividends will follow.

If you currently have a flat dividend, you'll need to protect that by proving that your business is worthy of it again upon renewal. If you have a variable dividend, since the variable is loss-sensitive, you'll need to have as minimal a loss ratio as possible to get the maximum return.

Either way, flat or variable, you need to be in control of your workers compensation program to get the maximum return. Here are 3 ways to improve your chances of earning (or keeping) a workers compensation dividend.

1. Control your claim losses, and more specifically your lost-time claim losses.
2. Prevent accidents in the workplace.
3. Help your injured workers return to the job as soon as medically reasonable with the implementation of a strong return-to-work program.

Concentrate on managing your experience MOD, and the dividends will follow! Need help with managing your experience MOD? Contact a knowledgebroker today.

Attend our Accident Investigation Seminar, held in Pewaukee, Wisconsin

Related information:

How to keep your flat work comp dividend
Advantages of a Structured Return to Work Program
3 Common Mistakes of Accident Investigation
Making Time Work For You in a Workers Compensation Claim

See CFO.com September 18, 2012: Insurance Rate Outlook: From Flat to Soaring

The State of Wisconsin estimates it could save $12 billion dollars if residents "slim down".

With National Health Expenditures continuing to rise, employers profits are being consumed by healthcare costs.  Some estimates are as high as 58% after taxes!  Today, nearly half of all workers compensation claims include loss time or disability rating.

In particular, obesity is affecting work comp claims in a big way.  A 2007 Duke University Medical Center Study compared obese employees to normal weight employees:

• 50% more workers' compensation claims
• 13x more lost work days
• 7x higher medical costs
• 11x indemnity claim costs

For information on how to reduce your workers compensation costs, improve the health of your employees and increase their productivity, contact a knowledgebroker today!