Trucking Company On The Right Road by Saving $20,000 in Total Premium
Discover how a new home contractor saved over $4,000 in premiums through expert claims management. Our proactive approach reduced claim reserves by $57,000 and lowered the experience mod by 19 points. Learn how close monitoring and timely interventions can significantly impact your workers' comp costs.
Business
Trucking Company
Situation
High rate, modifier and large number of employee injuries causing a larger premium of $800,000 when it was $340,000 5 years ago.
Assessment
A Risk Management and HR Assessment quickly showed that there was no return-to-work program. Claims Analysis showed employer the true cost of the insurance company paying indemnity to injured employees.
Solution
After reviewing the return-to-work options, the trucking company decided to no longer outsource its security guard function, but make it a “transitional duty” job. Injured workers sit in the booth and collect paper work from incoming trucks. Another light duty job involves scanning the bar codes of boxes as they pass on a conveyor belt. By putting a chair on wheels, the employee simply sits and presses a button as the box goes by.
Result
Self insuring the transitional duty on one case alone, the $14,000 in indemnity reduced the premium by $68,000 over a three-year period. Within 3 years, premium was down to $440,000 and $290,000 in 5 years.
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