In 1989, the Colorado legislature enacted the Premium Cost Containment Program. This program includes the following:
- A safety policy statement
- A safety committee or coordinator
- Posted safety rules
- Consistent safety training
- A designated medical provider
- Claims management procedures
Implementing this program can bring cost savings to businesses in the following way:
- Up-front discount
- Reduced Worker's Compensation costs
- Fewer accidents
- Reduced risk of lawsuits
- Enhanced compliance with Federal, State and Local laws
Certification status is granted by the Premium Cost Containment Board to employers who can document that they have had a loss prevention/loss control program in effect for at least one year. Once a company receives certification, your Worker's Compensation insurance carrier will apply a discount in the next renewal period.
A 5 percent discount is applied to companies with:
- An experience modification rating.
- Lower frequency and severity of losses for the most recent policy period as compared with those from the previous policy period.
If the company is not eligible for an experience modification rating:
- The discount depends on the accident experience during the 12 months before the renewal date.
- Discounts are awarded on the number and cost of accidents and range from 2 percent to 10 percent.
How Can HP&P Safety Help Your Company Qualify?
HP&P Safety can design and implement safety programs for clients that meet or exceed Colorado’s Cost Containment Certification program requirements. Our safety consultants are available to help you with the entire Cost Containment pocess. For more information on the Colorado Cost Containment Program, please contact our office at 303-360-9801.
For more information on the Colorado Cost Containment Program:
Essentials of the Premium Cost Containment Program and Employer Certification
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30 S. Havana St., STE. 304F
Aurora, CO 80012
Serving Colorado, Wyoming and surrounding areas.