Posted: April 26th, 2022

Optimizing Employee Insurance Compensation

Optimizing Employee Insurance Compensation
Boggs, C. J. (2011). The insurance professional’s practical guide to workers’ compensation: From history through audit (2nd ed.). Wells Media Group. https://www.coursehero.com/file/24544451/Workers-Comp-Unit-IV-Annotated-Bibliographydocx/
The article presents a practical guide to the insurance professionals on handling issues relating to employee insurance compensation. The paper identifies the legal and contractual interpretations of the complexity of the problem of workers’ compensation. For instance, it identifies various policy concepts and practices that the risk managers and insurance brokers must prioritize while recommending insurance covers for the organization’s employees. The study highlights specific risks that the organization must focus on to ensure the employees’ safety. In its findings, the article suggests a number of the employee insurable risks such as rehabilitation, disability and general insurance policy as key insurable covers useful in safeguarding the employees’ protection and safety during their work life (p. 27). The author recommends a thorough Assessment of the work-related problems to be registered for the insurance cover to help reduce the insurance costs. These expenditures when properly managed save the organization’s money thereby enhancing its potential to provide better insurance cover to meet the interests of workers. The author further explains the terms and conditions of engaging with the indemnification agreements and concepts relating to the hold harmless clause that may help the managers identify an appropriate risk transfer plan. This guarantees the organization’s cost-saving objectives of the insurance-related liabilities while safeguarding the workers’ insurable interests. I will, therefore, use the study to identify various insurable options available for the workers and identify the appropriate legal procedures to help managers provide suitable insurance covers to their employees. I would further use the article to highlight possible cost-saving risk transfer agreements that organizations may adopt in dealing with the third-party liabilities. Such knowledge will help these organizations interpret favorable terms and conditions of engaging with the indemnification agreements with other external entities.
Hancher, D. E., & de la Garza, J. M. (1997). Improving workers’ compensation management in construction. Journal of Construction Engineering & Management, 123(3), 285–291. https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=9709303514&site=ehost-live&scope=site
The article identifies the nature of work in any construction environment as common to the employee accidents; thus, requiring an optimal insurance cover. It identifies such risks as the key factors undermining the successful performance of the employees and the organization as a whole. The paper recommends the effective ways that an organization can adopt to provide maximum workers’ compensation while saving on the insurance-related costs. The article effectively recommends the organizations to enhance their operational programs as a core initiative to manage the operating costs. The paper highlights that the insurance costs form a part of the organization’s expenses and can be reduced by enhancing the operational efficiency of the entire work processes (p. 287). For instance, the article suggests that the organization may need to consider engaging contractual and sub-contractual partners to help them avoid incurring total costs associated with the employment. The author also recommends considering an equitable approach of evaluating the performance of the third-party companies before contracting their services to identify a better performing organization that will provide both employee and organizational value. As a result, the low costs will enable the firms to fully meet the worker’s insurance compensation costs. This article, therefore, provides useful pieces of advice on how organizations may reduce their operational costs to complete the employee insurance compensation costs. I will use this information to highlight the importance of outsourcing the services of the third-party companies towards improving the organization’s performance. Finally, I would use this article to identify the strategies of selecting a suitable company with better performance record to add value to the firms in meeting the insurance compensation needs.
Ikpe, E., Hammon, F., & Oloke, D. (2012). Cost-benefit analysis for accident prevention in construction projects. Journal of Construction Engineering & Management, 138(8), 991-998. https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=91918607&site=ehost-live&scope=site
The article presents a cost-benefit analysis of the firm’s need to prevent the accident-related insurance costs in the construction industry. The paper recommends a cost-benefit analysis of managing the workplace accidents as crucial for highlighting the actual costs of accidents that are often unaddressed. For instance, the authors state that most construction companies commonly disregard the employee’s health and safety concerns as a part of workplace insurable interests requiring insurable cover (p. 993). The study further reports findings suggesting that the advantages associated with the workplace accident prevention outweigh the benefits attributable to the organization’s cost reduction of the insurance expenses. The article informs that for a single dollar spent on preventing accidents, there was a gain of about three dollars as the benefiting factor for preventing accidents within the organization. It further suggests that small contracting firms spend higher amounts of their turnover to meet the accident prevention costs as compared to the medium and large firms. The knowledge borrowed from this article is, therefore, useful for presenting certain key information during my research work. For instance, I will use the information of the contractual indemnification as an essential strategy of saving the organization’s insurance related costs. In my study, I will highlight the need of adopting a cost-benefit analysis as a key factor to reduce the expenditures related to accidents and injuries within the organizations. The information of this study will also be crucial for highlighting the major economies of scale enjoyed by the big companies for maintaining operational efficiency. As such, it will form the basis of explaining why small firms cannot effectively implement better insurance compensation in comparison to large contractual companies. I will, therefore, borrow low cost approach of maintaining the employee costs while maximizing his insurance compensation.
Imriyas, K., Low, S. P., Teo, A. L., & Chan, S. L. (2008). Premium-rating model for workers’ compensation insurance in construction. Journal of Construction Engineering& Management, 134(8), 601-617. https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=33184366&site=ehost-live&scope=site
The article identifies the construction sector as industry familiar to the risks such as building collapse, employee accidents, and poor health environments that require improved insurance coverage. The study, therefore, focuses on the importance of providing the work environments with better insurance compensation and safeguarding the safety of the construction workers. The article usefully introduces a new premium rating compensation model for the employees working in a construction company in contrary to the traditional compensation models. For instance, it highlights the ineffectiveness of relying on the traditional experience modification rating methods to determine the premiums payable by the employing companies to their workers. To address the challenges associated with the traditional premium rating model, the study recommends a new model of the workers’ insurance compensation that identifies all the hazards in the construction environment. This model also assesses the likelihood of the risk occurrence and possible control measures that the organization needs to consider before setting a premium rate for the insurance policy (p. 610). The study recommends these strategies as crucial for helping the organization save costs while safeguarding the safety of the employees throughout their daily activities. The paper further recommends that such measures are vital for identifying the optimal workers’ compensation. I will, therefore, use the information provided by this article to highlight various risks for the susceptible economic sectors that require a new model approach of determining optimal insurance compensation to safeguard the employees’ safety. Finally, the article would help to identify the factors enhancing the employees’ safety as a means of helping reduce the workers’ risk exposures in construction areas. These concerns will form an integral part of my study to enhance the optimal employee insurance compensation in the organization.
Messerly, R. W., & Dekker, D. T. (2009). A crane collapses: Am I liable and, more important, am I covered? Construct!, 18(3), 1–22.
https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=46796701&site=ehost- live&scope=site
The article identifies the insurance issues associated with the job site injuries within the US industrial environments. It highlights the major challenges insurance firms face while estimating the damages and insurable liabilities in the construction areas. The study reports that these challenges are common in other industrial-based operating firms and hinder the provision of the maximum compensation to the organization’s employees (p.7). The study further highlights the various insurable claims available for the employees working in these organizations. In its findings, the research suggests several insurable interests including medical covers relating to the employee disability, rehabilitation, death and funeral services, loss of income, and general liability covers. Furthermore, the study suggests that most companies are commonly faced with the burden of meeting costs relating to these insurance covers. Therefore, it recommends employing firms to balance the costs associated with the general operations and meeting employee insurance compensation towards fulfilling the workers’ compensation needs. For instance, the study provides valuable knowledge of the key alternatives to the organization’s cost-saving mechanism. It recommends that firms maintain contractual hiring of the employees to reduce the burden on meeting the costs. The study further suggests adopting managerial risk transfer tools, including indemnification agreements, holding harmless clauses, and insured endorsement procedures as legally approved methods of transferring the insurance risks to the third-party entities. I will use the information from this study to recommend the appropriate forms of the insurance risk transfer options such as outsourcing of employees on the indemnification agreements. I will also use the data of this study to recommend reasonable insurable risks that enhance employees’ protection and safety in their entire life. Such policies are crucial to guarantee employees’ medical and general expense needs when injured during the work.
Roberts, K., & Young, W. (1997). Procedural fairness, return to work, and the decision to dispute in workers’ compensation. Employee Responsibilities and Rights Journal, 10(3), 193-212. https://link.springer.com/article/10.1023/A:1025602417477
This study illustrates how the injured employees view their insurance compensation processes and their perception when forced to dispute their insurance compensation claims. In its findings, the research suggests that individual judgment on the fairness of the process of the insurance compensations affects the person’s acceptance of the organization. The study further presents the factors that may subject the organization’s employee to disputing the compensation processes and the possibility of returning them to work after such experiences. The study reports its findings suggesting that the degree by which the employee defines fairness in the insurance compensation processes influences their decision to file a dispute. The study further reports that the employee’s filing of dispute case on their insurance compensation processes is more prevalent in cases where workers experience hardship in seeking for compensation (P. 196). To resolve these problems, the study concludes that employing firms should carefully maintain proper compensation management. For instance, the organization should incorporate effective record keeping and maintain open and transparent compensation procedures to ensure the employee’s satisfaction. I can, therefore, borrow the knowledge of this study to highlight the necessary management functions required to effectively implement the insurance coverage that meets the major concerns of the employees. I will also borrow the article’s cases of compensation disputes as significant challenges that affect the effectiveness of insurable contractual agreements between the employees and their employing firms. This will help identify the suitable insurance coverage options available for workers. Finally, the information of the disputed insurance cases will be useful for identifying cases of the organizational malpractices in compensating the employees.

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