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Proactive Strategies to Reduce Your Workers' Compensation Premiums

Learn strategies to control your claims costs is and reduce your workers' compensation premiums.

The vast majority of employers are underserved in the workers' compensation industry. This topic will be raw and fast-paced. You will be able to understand the many factors controlling your workers' compensation premium. This material will reveal the hidden agendas and costs that drive your workers' compensation premium and you will gain new ideas and strategies.

Runtime: 92 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Various Aspects to Costs of Workers' Compensation Policies

  • COVID-19 Impact on Workers' Compensation Costs
  • Guaranteed Cost Policies
    • Classification Rates, Experience Rating, State Scheduled Credits
  • Large Deductible Policies
    • Classification Rates, State Scheduled Credits, ThirdParty Administrator Costs, Managed Care Costs
  • Employers in a PEO/Employee Leasing Agreement
    • Rates Set by PEO, Administrative Costs, Claim Fees/Deductibles

Big Data Becomes Primary Underwriting Factor

  • Insurance Companies Identifying What Your Premium Needs to Be
  • Breaking out of the Insurance Companies' Model

Classification Rates and the Impact on Your Policy

  • Rates Trending Down Over the Last Ten Years
  • Natural Inflation to Your Experience Rating
  • Insurance Companies Pulling Back on Safety Reward Programs

Claims Control Your Premium Costs

  • Frequency vs. Severity and Impact
  • Proactive and Preventative Strategies to Controlling Claims
  • The Critical Component of Human Resources
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 14, 2020.

Call 1-866-352-9540 for further credit information.

  • ASA 1.5
     
  • This program qualifies for 1.5 continuing education hour(s) towards maintaining your ASA credential. Please contact ASA for more information at [email protected]
     
  • HR Certification Institute 1.5
     
  • This E-Learning program has been approved for 1.5 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
     
  • SHRM 1.5
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

  • Those applying for AIA and HRCI must view 100% of the program and answer the questions following the program.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Duke Mills

Duke Mills

WorkComp Solutions

  • WorkComp Solutions & WrapUp Experts, Inc.
  • Practice emphasizes all aspects of workers’ compensation including premium recovery, consulting & brokerage
  • Conducts regular seminars and workshops on numerous workers’ compensation continuing education courses and trade association conferences
  • Author of several publications related to the areas of workers’ compensation, transferring your risk to the insurance company, injury management & prevention and controlling the experience modification factor
  • Publications include, How to Protect your Profits, in the Contractor Magazine; What Contractors Don’t Know Will Cost Them Money, in SNIPS Magazine; and Tips for Bidding a Wrap Up Project, in Reed Construction
  • Can be contacted at 863-712-0990 or [email protected]
Morgan Reid

Morgan Reid

WorkComp Solutions

  • WorkComp Solutions
  • Practice emphasizes all aspects of workers’ compensation including premium recovery, consulting and brokerage
  • Conducts regular seminars and workshops on numerous workers’ compensation continuing education courses and trade association conferences
  • B.S. degree, University of Central Florida
  • Can be contacted at 863-646-4642 (office), 863-712-1448 (cell) or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 404649
Published 2020
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