For those who own and/or manage Multi Family apartment buildings, commercial buildings and other real estate buildings/assets…protecting the financial stability of your business is a prudent and smart strategy.
One way to do this is through Workers Compensation insurance. Do you have an internal system in place to handle all situations that involve your employees—when an accident or injury happens? What system is in place to evaluate where your most significant employee hazards are…that might injury an employee?
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Below are four interesting articles related to Workers Compensation. Please share these stories with those on your leadership, leasing and maintenance teams~
Worker Dies After 30-foot Fall at Apartment Complex
http://www.nj.com/hudson/index.ssf/2011/08/worker_at_guttenberg_apartment.html
Worker Injured After Falling From Apartment Roof
http://www.wcnc.com/news/local/Worker-injured-after-falling-off-apartment-comlpex-roof–133707553.html
Worker Killed Garage Accident
http://towson.patch.com/articles/worker-killed-in-palisades-garage-accident
Construction Worker Injured In Fall
http://www.wlwt.com/news/29246605/detail.html
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Within your Multi Family property management company what is your Modification Factor, or MOD, and how does it affect your Workers Compensation insurance?
Below are 9 tips designed to help your MOD…
1. Investigate accidents immediately and thoroughly. Take corrective action to eliminate hazards. Be aware of fraud.
2. Report all claims to your insurance carrier immediately. Alert your insurance carrier to any serious, potentially serious, or suspect claims. Frequently monitor the status of
the claim and communicate with your adjuster to resolve issues/questions as quickly as possible.
3. Take an aggressive approach to providing light duty for all injured employees upon their release from treatment. Supervise light duty
employees to assure their conformance with return-to-work medical restrictions.
4. In serious injury cases that involve lost time, communicate with your claims adjuster so they recognize your interest in returning
your injured employee back to gainful employment.
5. Set safety performance goals for persons with supervisory responsibility. Success in achieving safety goals should be used as one topic/point to be covered during
performance appraisals.
6. Develop a written safety program and train your employees in their responsibilities for safety. Incorporate a disciplinary policy into the program, one that holds
employees accountable for breaking the rules or rewards them for correctly following safety procedures.
7. Frequently communicate with your employees, on a formal and informal basis, regarding the importance of safety.
8. Make safety a priority. Senior management must be visible in the safety effort and must support improvement.
9. Evaluate accident history and near-misses at least monthly. Look for trends in experience and take corrective action on worst problems first, as soon problems arise.
Focusing on Workers Compensation insurance…how does this tie into your real estate and apartment/commercial building insurance coverage? What kind of documentation does your insurance provider require for your Workers Compensation policy? Would you like our team to do a comprehensive review of your real estate building insurance coverage—related to Workers Compensation?
To learn more about this topic and to read the news, trends and ideas being shared by Multi Family PM leaders—join the discussion thread below~with 25+ posts.
Industry Knowledge, Real Estate Building Insurance
http://www.linkedin.com/groupItem?view=&gid=36805&type=member&item=76772122&qid=0dc2d3c2-c9cd-4dc8-b481-ed2e4f93d5cb&goback=%2Egna_36805
Power Insurance & Risk Management Group
http://www.PIRMG.com
877-602-6030
