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Painting Business Owners: Will Filing Workers' Comp Claims Hurt Your Business? #ProfitablePainter

Name: Painting Business Owners: Will Filing Workers' Comp Claims Hurt Your Business? #ProfitablePainter
Uploaded: 2025-01-31T14:15:00+00:00
Duration: 45 s
Channel: Daniel Honan
Description: In this segment, the speakers advise painting business owners that injuries should be reported to the workers' compensation insurer as soon as they are…

31 Jan 2025 · 1 min

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In this segment, the speakers advise painting business owners that injuries should be reported to the workers' compensation insurer as soon as they are known, regardless of perceived severity, because prompt reporting does not automatically increase insurance premiums. They further explain that "report-only" claims—those that are reported but never develop into paid claims—are excluded from the experience modification (e‑mod) rate calculation, which compares a company's injury frequency and severity to industry peers. Consequently, filing such reports will not negatively affect the e‑mod or the business's insurance costs.

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when someone gets hurt, reporting it as soon as you find out about it to your insurance provider, that won't necessarily increase your premium. So don't be afraid to report because you think that the injury was not significant in— injury that the person's going to actually need help from a medical provider. You should report it anyway. So reporting it is not going to count against you necessarily.
I'm sure a lot of our listeners are familiar with an experience mod or e-mod. Been in the game for a while, your insurance agent, they've talked about your mod rate. The mod rate kind of compares you to others in the industry as far as how your performance from a workplace injury standpoint with frequency and severity of injuries at the workplace. Report-only claims, so claims that never actually turn into a claim, do not go into that calculation at all.