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Keeping Workers´ Compensation Costs Down Page 3
4. Make sure your experience rating is correct
If you pay more than $5,000 per year in workers' comp premiums, then your company receives an experience rating. This rating compares your company's claims history to that of other firms in your industry. The higher your claims, the more risky you are to insure, and the higher your premiums.
Make sure your insurance company is calculating your experience rating correctly. You can analyze your rating using worksheets available from the National Council on Compensation Insurance (NCCI), Boca Raton, FL.
5. Use managed care to reduce your medical costs
Talk with your insurance agent about finding a workers' comp insurance plan that uses managed medical care to treat injured workers. Over half the states now allow HMOs, PPOs and other managed-care providers to handle workers' comp claims.
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