Workers’ Compensation Services
Workers’ compensation management services help businesses manage claims, control costs, and reduce the impact of work-related injuries. The formula for determining your company’s workers’ compensation rates is complex, but the concept behind it is simple – the more claims that your employee’s file, the higher your rate will be. GMS partners with businesses to control their workers’ compensation insurance rates, improve workplace safety, and protect them from costly claims.
Why Do Businesses Need Workers’ Compensation Management?
Business owners already have plenty of responsibilities. If you spend a lot of time – or even worse, not enough time – trying to find ways to lower workers’ compensation costs, a professional employer organization (PEO) may be a good fit for you. Our workers’ compensation management experts help employers control these costs, manage claims, and avoid the notable impacts of work-related injuries.
How Can I Lower My Workers’ Compensation Rates?
Employers can lower workers’ compensation rates by reducing workplace injuries, managing claims quickly, and keeping accurate records. Workers’ compensation insurance costs can range from hundreds to thousands of dollars per employee each year. Fortunately, GMS works hard to help you save money and prevent your workers from being injured on the job. There are two risk management strategies every business should implement for workers’ compensation: cost containment and workers’ comp risk management.
How Can Cost Containment Help Lower Workers’ Compensation Costs?
Cost containment helps lower workers’ compensation costs by reducing exposure and keeping claims-related records accurate. You may not be a Fortune 500 company, but when you partner with GMS, you’ll gain access to a risk management team that gives you Fortune 500 service. Our team of experts will help you qualify for a significant workers’ compensation discount. We do this by minimizing your exposure, helping you maintain accurate records, and completing other crucial best practices that keep your business compliant with OSHA and keep your experience modification number low.
How Does Workers’ Comp Risk Management Reduce Claims?
Workers’ comp risk management helps reduce workplace accidents before they turn into costly claims. Prevention is the best medicine, especially when it comes to your claims history. GMS will work with you to reduce the risk of workplace accidents so that your business has fewer, less severe claims over time.
Our loss prevention strategies include workers’ comp risk assessments, safety training, the development of safety manuals and guidelines, workplace inspections, OSHA compliance, and the implementation of a drug-free and drug-testing program.
How Can GMS Help With Workers’ Compensation Claims Management?
Workers’ compensation claims management helps employers stay organized after a workplace injury occurs. When you partner with GMS for workers’ compensation claims management, you’re getting more than just cost savings; you’re also getting a partner that oversees the process of claims management and works closely with carriers to ensure that your best interests are always at the forefront.
We help with:
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- Timely reporting
- Post-accident and claims investigation
- Claims certification
- Hearing representation
- Merit rate predictions
- Return-to-work programs
These services help employers navigate the claims process more efficiently and reduce administrative burdens. GMS provides support throughout the process, so businesses can stay focused on their operations while helping control claims costs over time.
What Causes Workers’ Compensation Rates To Increase?
Workers’ compensation rates can increase when businesses experience frequent claims, severe claims, or challenges with workplace safety. An effective way to manage workers’ compensation and risk management is to take a proactive approach to workplace safety. However, there are challenges that can make it difficult for a business to implement a successful program that lowers your workers’ compensation insurance rates.
Frequently Asked Questions (FAQs)
What Is Workers’ Compensation Insurance?
Workers’ compensation insurance helps protect employees who are injured or become ill on the job. It can help cover medical care, lost wages, rehabilitation, and other benefits, depending on state rules and the claim. For employers, workers’ compensation can also help reduce financial exposure related to workplace injuries and support a clear process when an incident happens.
What Does Workers’ Compensation Cover?
Workers’ compensation typically covers work-related injuries and illnesses. Coverage may include medical treatment, a portion of lost wages, rehabilitation support, and certain disability or death benefits. The exact benefits depend on state law, the employee’s role, and the details of the claim. Employers can help the process move more smoothly by reporting injuries quickly and maintaining accurate documentation.
Is Workers’ Compensation Required for Small Businesses?
Workers’ compensation is required for many small businesses, but the rules vary by state, industry, number of employees, and worker classification. Some states may have exceptions for certain business owners, contractors, or very small employers. Because requirements can change, business owners should confirm the rules in each state where they operate and make sure their coverage stays current.
How Does Workers’ Compensation Work?
Workers’ compensation gives employees a process to report work-related injuries or illnesses and seek covered benefits. After an injury is reported, the employer documents the incident, the claim is reviewed, and benefits may be provided if the claim qualifies. Employers can support the process by responding quickly, keeping accurate records, and helping injured employees return to work safely when possible.
How Are Workers’ Compensation Rates Determined?
Workers’ compensation rates are generally determined by the type of work employees perform, payroll, claims history, and the company’s experience modification rate. Businesses with frequent or severe claims may see higher costs over time. Strong safety practices, accurate employee classifications, timely reporting, and proactive claims management can help employers reduce risk and better control workers’ compensation costs.
What Should an Employer Do After a Workplace Injury?
After a workplace injury occurs, an employer should help the employee get appropriate medical attention, document what happened, report the injury, and begin the claims process promptly. Employers should also review what caused the incident, identify any safety concerns, and support a safe return to work when possible. A clear response process helps protect the employee and the business.
Can a PEO Help Manage Workers’ Compensation Claims?
Yes. A PEO can help manage workers’ compensation claims by supporting reporting, documentation, claims review, carrier communication, and return-to-work coordination. A PEO can also help employers reduce risk before claims happen through safety programs, training, inspections, and compliance support. For small and midsize businesses, this support can reduce administrative burden and improve claims consistency.