40 Nebraska Cattleman September 2023 NCIG By Jeff Scanlan FNIC Senior Vice President Workers’ Compensation Savings When cattle producers review their finances, workers' compensation insurance might not be the first thing that comes to mind. However, its significance in safeguarding both your workforce and the bottom line cannot be overstated. For cattle producers who fall outside the Nebraska Work Comp Ag Exemption, workers' compensation insurance is not only a necessity but also a valuable investment. The Purpose of Workers' Comp Workers' compensation insurance plays a pivotal role in providing essential support to employees who suffer job-related injuries or illnesses. When accidents occur on the job, this insurance covers medical expenses, rehabilitation costs and lost wages for the affected employees. Furthermore, in the unfortunate event of an employee's death, workers' compensation provides death benefits to support their family. Understanding Rates and Savings The rates for workers' compensation insurance are determined by insurance carriers, who group similar businesses into classes and analyze historical loss data for each group. Agriculture, including feedlots and cattle operations, is classified as high-risk due to a higher incidence of injuries and illnesses. However, within this rating system, there is a factor that you can influence – the experience modification factor, which insurance carriers use to rate your operation’s loss history. If you have a safe work environment with few injuries, your premium is lower. A Safe Work Environment Investing in safety pays dividends beyond insurance premiums. By implementing safety protocols and promoting a healthy work environment, cattle producers can lower the frequency of injuries and illnesses. When your team is healthy, downtime away from work is reduced, ensuring all team members can efficiently perform their duties. Moreover, safety is a top consideration for skilled workers when evaluating potential employers. A reputation for maintaining a safe work environment enhances the attractiveness of your cattle operation, allowing you to attract and retain talented employees. A skilled and loyal workforce further contributes to the business’ overall success and profitability. Partnering with NCIG NCIG understands the unique challenges faced by cattle producers and offers customized workers' compensation programs tailored to your operation. We use the analysis tool ModMaster and meet with you to review specific claims with the goal of identifying cost drivers and trends that affect your experience modification factor. From the risk analysis, we can develop costsaving strategies. NCIG's Loss Control Specialist Steve O'Connor, with three decades of experience, collaborates with clients to implement loss prevention strategies and foster safe work environments. Through our close relationships with our carrier partners, we can create risk management plans to address specific risk exposures and loss experiences. Real-World Success NCIG helped a Nebraska Cattlemen member save $110,000 on their workers’ compensation premium using our analysis process and resources. They had multiple feedlots, in addition to trucking and grain elevator operations, presenting the need for a distinctive solution. We started by reviewing the details, including their experience modification factor, loss history and wages. Next, NCIG determined that while this member was with a good workers’ compensation carrier, they were not a fit for their business. We marketed their program and found a carrier that CONTINUED ON PAGE 44 1/4 Horizontal Nebraska Cattleman Full Color Eisenmenger Farms, Inc. August 2023 “Big yard features, small yard attention.” Eisenmenger Farms, Inc. Joe Eisenmenger, General Manager ▪ Cell: (402) 920-0665 Customer Relations & Cattle Procurement John Eisenmenger, Yard Manager ▪ Cell: (402) 920-1933 ▪ 9,000 head capacity ▪ Within 100 miles of six packers – three of them major ▪ Within 60 miles of four ethanol plants ▪ Grain banking capabilities of corn ▪ Feed financing capabilities 26708 385th St. ▪ Humphrey, NE 68642 ▪ Phone: (402) 923-0401 ▪ Fax: (402) 923-0404 Eisenmenger Farms, Inc.
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