Texas Department of Insurance will host their annual Workmans Compensation conference in San Marcos on May 15th through 17th, and in Irving on June 27th through 29th.
This conference is a great resources for employers in high hazard industries who struggle with managing workplace health and safety compliance programs, and as a result experience high injury rates. Not only do these companies face higher OSHA regulatory fines and penalty risks, but also skyrocketing workmans compensation insurance premiums.
High injury and illness rates can result in very high workmans compensation premiums, and once this happens, it can take years to undue the damage to the the way that a company’s EMR is calculated and managed.
For those who don’t know, a company’s EMR, or Experience Modification Rate, determines what they pay for Workmans Compensation insurance. In a nutshell, an EMR of “1” means that the company is paying what underwriters believe a company should pay for WC insurance, based upon criteria such as industry, # of employees, etc.. In other words, a “1” is a fair, baseline score and cost. However if a company experiences higher than normal injury rates, or severe injuries, then the EMR will rise. For example, an EMR of 1.5 means that the company is now paying a 50% penalty, an EMR of 2 means that the company is paying double what they should be paying, etc. On the flip side, a company with lower than expected injury rates may earn an EMR of .8, which means that they’re effectively getting a 20% discount on their premium.
In addition to being penalized for high injury rates, companies also get penalized when injured employees end up missing work for long periods of time.
The EMR system holds companies accountable for the success or failure of their workplace health and safety efforts and programs.
This conference is designed to help employers understand the Workmans Compensation system and how to manage it.
Does Your Company Have a High EMR,
High Injury Rates, or Fraudulent Injury Claims Problems?
Implementing & Managing An OSHA Compliance Program Is The First Step To Solving This Problem
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