Every year on June 1, the WA Department of Labor and Industries (L&I) takes a snapshot of your workers’ compensation claim expenses to establish your company-specific rate for the next year. This year, on June 1, L&I will be looking at your company’s claims and hours reported during the period of July 1, 2017, through June 30, 2020, to establish your 2022 experience modification factor (EMF) and workers’ compensation rates. Learn more about calculating your rates.
The good news is that it’s not too late to lower your rates for 2022 and beyond. The two most important things you can do are:
- Make sure you return any injured employees back 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 for help.
- Close as many claims as possible. Claims that are open when L&I is calculating your rates include estimated future expenses as additional costs. Closed claims do not.
Now is a great time to think outside the box and make a push to reduce your overall claim costs. Remember, your ERNwest claims team is here to help. Please work with your Claim Manager for strategies to return injured employees to work, reduce costs, close claims, and start reducing your L&I rates.