Workers’ Compensation Insurance can be one of the largest insurance expenses for small businesses—and it’s not an optional coverage. All businesses with employees must carry Work Comp Insurance. Just because it’s mandatory, though, doesn’t mean you can’t control your costs. There are many things you can do to help keep workplace injuries down and Work Comp costs under control.
Here are three areas where you can make a difference and save money on your Workers’ Compensation Insurance. For more information about controlling Work Comp costs, give Roper Insurance a call today at 303-721-1145.
Maintain a Safe and Healthy Workplace
Protect your employees by minimizing any job hazards. You should constantly evaluate and monitor every aspect of your workplace to ensure the safest environment possible.
Invite your insurance agent to your facility and allow him or her to point out areas of concern along with simple remedies. Make recommended changes to improve safety, which may be as simple as installing safety mats on wet floors.
Perform scheduled audits and impromptu site inspections to check compliance with safety standards; correct violations, create plans to avoid recurrences, and follow up on corrections.
Train your employees well. Don’t assume new hires know what to do because they’ve been trained at previous jobs. Make sure they understand how to do their jobs correctly and safely according to your company’s standards.
Create a policy on distracted driving. Motor vehicle accidents account for a large percentage of work-related fatalities. Eating and drinking as well as cell phone use are all possible sources of distraction behind the wheel. Using a cell phone while driving may also be illegal, as more local, state and federal agencies crack down on distracted driving. A good policy can help prevent fatalities and limit liability for your company. Create a written policy for both distracted driving and texting while driving, and have all employees sign off on it.
Integrate strategic wellness programs into your company to help reduce injuries. Understand how chronic conditions, like obesity and diabetes, can affect or cause other injuries. Managing such diseases properly can reduce workers’ compensation claims costs.
Educate Your Employees
Explain workers’ compensation benefits, programs and expectations during new employee orientation to keep future claims costs down. Make sure employees understand that they will not be punished in any way for making a claim or reporting an injury, and explain the importance of promptly reporting any injury or incident.
Make sure all of your jobs are classified correctly. Having accurate job descriptions will ensure your audits are accurate and you are being properly charged according to your employee’s job duties and classification.
Screen new hires — make job offers dependent on passing a pre-employment drug test. Employees who use drugs or alcohol on the job cause injuries to themselves and others. They also cost their employers about twice as much in workers comp and medical claims as non-abusers, according to data from the Substance Abuse and Mental Health Services Administration.
Manage Claims Wisely
After an incident or claim, be sure to investigate early and keep all the information organized. Make sure you gather all appropriate evidence and information so it can be verified later. Beyond speaking to the direct supervisor and the injured employee, interview other witnesses or co-workers who could shed light on the situation. This can also help you to rectify safety issues and prevent future injuries.
Develop and maintain a close working relationship with medical providers. Make sure they understand your business so they can help you evaluate return-to-work policies, procedures and cases.
Contact your injured workers early and often. Let them know that you care about them; this can help keep morale up and encourage their return to full, regular duty.
Make return-to-work a priority across your entire organization – every job should have a return-to-work provision, and every employee should know about it. Return-to-work programs should not just be the job of human resources or your claims adjuster.
These are just a few of the money-saving strategies Roper Insurance helps their clients to implement. For more information and a free report outlining more ways to save money on Work Comp, use the handy “Contact Us” button below.