Can you control and even lower your businesses Workers Compensation Insurance costs? Yes, ABSOLUTELY!
In fact, you have more control over the cost of Workers Comp than any other type of insurance your business has or needs.
This is a controllable cost that is managed with prevention, education, and a concrete action plan – both before and after accidents occur.
While you cannot prevent all injuries, you can control and (over time) lower your Workers Comp costs by implementing and following these 5 steps.
1) Make Smart Hiring Decisions
Well qualified, quality employees reduce the potential for injuries.
Ensure the person you are hiring is physically capable for the open position.
Have written job descriptions complete with essential job functions.
Offer conditional offers of employment based on the outcome of a physical as well as drug & alcohol testing.
The average cost of a worker’s comp claim is $42,008 and a pre-employment physical costs about $130.
A physical could uncover past injuries that could potentially lead to a worker’s comp claim.
2) Prevent Work Comp Claims
Commit to Safety.
To prevent or reduce the number of injuries your employees will suffer, create a culture of safety.
Written safety policy and regularly training your employees on safe working habits helps to prevent workplace injuries, to reduce your overall workers comp burden.
Have a formal corrective action process as well as recognition of success as part of your written safety policy.
Investigate all injuries (not just those recorded on the OSHA 300 log) and take corrective action to prevent future injuries. The small costs and high numbers of first aid-only incidents really add up.
Need a Sample Safety Program? We've got you covered.
3) Reduce Cost of Claims
Have a written plan for handling employee injuries since this is not something that happens every day.
Have a medical provider who understands work-related injuries, that you have vetted, that you strictly use for all employee injuries.
Obtain regular updates on unresolved injuries from the medical provider.
Communicate with injured employees so they know that someone cares about them. They need to feel connected to the organization and motivated to return to work.
4) Develop and Implement a Return-to-Work Program
Developing and implementing a return-to-work program sounds overwhelming but this will ensure that injured workers get back on the job promptly.
Have a position dedicated for any type of injury, even if the injured worker is required to remain off his or her feet and remain at home.
Get injured workers back to work quickly by maintaining ongoing communication.
Need help developing a Return-to-Work program? We can help!
5) Improve Experience Modification Factor
Over 65% of Experience MODs are WRONG. This means 65% of employers are overpaying for their Workers Comp costs and you may likely be one of them.
Has anyone used software to audit your Experience Mod in the last 3 years?
Do you know what your current MOD is?
Do you know what your minimum MOD is?
We offer this service. It has saved our clients 10's of thousand of dollars!
You can also receive discounts on workers compensation premiums in Florida for:
· Workplace safety program – 2% discount
· Drug-free workplace program – 5% discount
The Workers Comp Experts at Streamlined Business Insurance can provide the Help, Resources, and Expertise your business Needs!
We look forward to helping you!
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