With 50 different sets of regulations in place, navigating workers’ compensation is a headache. Considering that these distinct rules contribute to payments that vary by up to four times as much across state borders, however, workers’ compensation becomes a migraine.
This CFO eBook will offer some insight into bringing down workers’ comp costs, which finance executives have accepted as nonnegotiable for too long. CFOs should use the rates they pay for group-health plans as a base for bargaining lower workers’ comp rates. Becoming personally involved in buying workers’ comp insurance can also help CFOs procure reduced payments.
Aside from negotiating rates, CFOs have the power to bring down costs internally. From combating drug abuse to providing support for injured workers considering legal assistance, finance executives should attack areas of elevated workers’ comp risks. Maintaining a proactive attitude towards workers’ comp is key. Reduce your number of claims by identifying areas of injury risk and mitigating them.
Above all, CFOs must be informed. With state legislation so variable, keeping track of regulations and reforms can be difficult. And CFOs must also be aware of the largest risks for workers’ comp claims in their individual companies. This CFO eBook will highlight the major issues to enable CFOs to tackle their excessive workers’ comp expenses.
Topics covered in Workers’ Compensation eBook include:
- The large cost discrepancy between group-health benefit plans and workers’ compensation;
- Combating drug abuse in the workplace;
- Keeping legal costs low in workers’ comp claims;
- The rising cost of workers’ comp insurance and how CFOs should respond;
- What you need to know about self-insurance;
- An overview of state reforms to workers’ compensation regulations.