Part 3: Workers’ Compensation Mysteries Unraveled

admin Uncategorized

Wyoming Workers’ Compensation Discount Programs:

In an effort to incentive companies to have safety programs in place, Wyoming Workers’ Compensation offers 2 separate discount programs to companies.

Drug & Alcohol Program Discount

The first program is also the simpler program of the 2 programs. This program gives a 5% discount to all enrolled companies. This program specifies requirements for a company’s drug & alcohol program. Once the paperwork is submitted, 5% of all workers’ compensation premiums will be discounted for 4 calendar quarters, starting the quarter after the paperwork is processed. At the expiration of the 4 quarters, a company need only reapply to continue their discount.

CS Consulting can develop a drug & alcohol program for your company that is compliant with Wyoming Workers’ Compensation’s requirements for this program or review your current policy to ensure it meets requirements. Once a compliant policy is established, CS Consulting can also handle the application process and renewal process for your company.

Safety Program Discount

The other program is a bit more complex and rewards companies for having an entire health & safety program. The requirements of program require wide-ranging OSHA compliance in addition to a drug & alcohol program. While the requirements more extensive, they are all legally required by OSHA, other than the drug & alcohol program.

The discount offered from workers’ compensation premiums fluctuates each year and takes about a year to begin. Upon enrollment Wyoming Workers’ Compensation will look at your company’s claims from the year and create a claims goal for the following year. At the end of the year, a company will only receive discount if they reached their goal for claims. If the goal is reach for the first year of enrollment a new goal will be created for the second year of enrollment and 3.33% discount will be applied for premiums for that year. As goals are reached each year the discount amount goes from 0% to 3.33% to 6.66% to 10%. After reaching the 10%, discounts cannot go higher, but will rather maintain at that level if goals continue to be reached. Any years where the goal is not reached will result in the discount returning to 0%. Companies only need to enroll in the program once, but in the course of a company’s enrollment they can move between discount levels many times. While the discount amount can revert to 0% at any point, premiums should decrease due to lower EMRs as safety performance is improved.

CS Consulting can develop safety programs designed to fit your company’s OSHA requirements and Wyoming Workers’ Compensation’s safety discount program. Once the safety programs are established, CS Consulting can handle the application process for your company. This program does not require renewal.

*Unless specific citations are shown, all answers are based on interpretations provided by authorized officials. As such, all information is deemed reliable, but not guaranteed.