Risk Management Minute with Paul Lessila

An area that is worked on quite a bit and is important for business owners is workers compensation. You must return someone to work within 3 days of the accident. This is just the state of Wisconsin – it’s different from state to state. If the employee is returned within this time frame, you’ll receive a 70% discount on your premium from the amount of money that was paid out on your claim.

The basics of workers compensation is that the more claims you have, the more your premium is going to be because of your MOD. Your MOD is your multiplier. Not all businesses get a MOD, usually because your premium is too low. If you don’t have good claims, your MOD could go up. It’s based on three years of claims. Your MOD is a multiplier and is affected based on your claims.

Paul is a CPA for the healthcare business that he owns and manages. As a Certified Public Accountant, his wife runs the operations dealing with speech therapy, physical, therapy, and occupational therapy and some nursing. Senior care is the main target. Some work is also done in workers’ compensation and return-to-work. Evaluations are done, exercise programs are done, and some post and pre-employment screens.