I know it feels like 2023 just started, but it’s not too early to start thinking about your 2024 workers’ compensation rates. Every year on June 1, the Department of Labor and Industries (L&I) takes a snapshot of your workers’ comp claim expenses to establish your company’s specific rates for the following calendar year.
Good news! It’s not too late to lower your rates for 2024 and beyond. The two most important things you can do are:
- Make sure you return any injured employees to physically appropriate work as soon as possible. Time-loss benefits add avoidable expenses to your claims and will keep them from closing. Not sure if you have work available? Contact ERNwest, we are here to help.
- Help close as many claims as possible. Claims that are open when L&I is calculating your rates include additional costs estimated for future expenses. Closed claims do not.
On June 1, 2023, L&I will look at your company’s claims, and hours reported, during the period of July 1, 2019, through June 30, 2022, to establish your 2024 experience modification factor (EMF) and workers’ comp rates. Unsure of what claims you may have open that will impact your 2024 rates? Don’t worry, contact ERNwest and we can help walk you through any open claims and reveal strategies to bring those claims to closure.
Now is a great time to think outside the box and make a push to reduce your overall claim costs. Work with your ERNwest claims manager to return injured employees to work, reduce costs, close claims, and start lowering your L&I rates today.