ASHEVILLE, NC - Because many employers view Workers' Compensation as both complicated and state controlled, they fail to recognize that every year they're leaving money on the table due to overlooked errors and mistakes. Because of its importance to employers, one organization is taking the message to both employers and insurance groups.
"The chances are good that this unrecognized negligence has at least 50% of employers paying more each year for Workers' Compensation than they are legally required to," states Preston Diamond, executive director of the Institute of WorkComp Professionals, the Asheville, NC organization that trains insurance professionals as Certified WorkComp Advisors.
"Since Workers' Compensation is actually a company-paid employee benefit, the employer has every reason to make certain both the costs and the medical care are correct," indicates Diamond. "And that's why we want to get the message to as many employers as possible."
The Institute is now making Workers' Compensation experts available as presenters for meetings sponsored by trade associations or large employers.
Among the Institute's more than a dozen qualified presenters are Preston Diamond, Executive Director and a founder of the Institute, with more than 40 years experience as an agency owner and consultant in the insurance industry, Teresa A. Long, the former Workers' Compensation claims manager for Walt Disney World, and Kevin Ring, a specialist in helping employers understand Workers' Compensation audits and Experience Modification Factors.
The presentations are timely and educational, providing reliable information for employers. The topics include:
- "Seven ways to stop losing money on your Workers' Compensation Insurance year after year"
- "Finding missing money in your premium audit"
- "Creating a plan to reach the minimum modification factor and dramatically reduce costs"
- "How to prevent total Workers' Comp costs from going up even though premiums have gone down"
- "Ways to reduce your highest Workers' Comp expense--medical costs"
- "How using Return-to-Work saves both money and valued workers."
Presentations can be tailored to the specifics interests and needs of individual groups.
Diamond points out that most employers do not understand how Workers' Compensation operates. "Once they understand that they, not the insurance company, pay virtually all Workers' Compensation expenses and not the insurance company, they are in a much better position to reduce their costs." He also notes that the savings often give companies a competitive marketplace advantage.
The Institute of WorkComp Professionals was founded in 2001 and is based in Asheville, NC, and has trained more than 1,000 insurance professionals.