Proven Strategies to Reduce Workers’ Compensation Costs

Employers should make it a top priority to keep all staff members safe and healthy on the job. But even the most responsible employers can’t keep certain accidents from happening, bringing harm in some capacity to employees.

While all injuries aren’t avoidable, employers can be proactive by investing in effective workers’ compensation insurance. By having a reputation of putting employee health and wellness first and protecting their general well-being through workers’ compensation, a company can draw in potential employees. But costs around workers’ compensation can be high or hard to determine. Luckily, there are a number of strategies that businesses can take to cut the cost of workers’ comp benefits, saving money while also saving employees from further complications.

Here are some helpful hints for businesses to save on workers’ comp costs.

Follow Best Practices

Best practices can help to cut costs by up to 50 percent in a plan. These practices include simple tasks, like making in-person contact with the employee and medical personnel to address any ongoing issues. Making sure that things like paperwork are filed in a timely manner or verifying coverage can make a workers’ compensation process go by smoothly and cut out extra processing costs.

Focusing on Safety

Another way to reduce the costs associated with this kind of insurance while improving morale is to create a culture of safety and awareness. Make sure to continually provide employees with basic safety knowledge and resources and best practices. Institute safety checks at regular intervals and check in with team leads to make sure all staff is kept educated about risks with their jobs and how to avoid them if possible.

Injury Procedures

Injuries that occur need to be handled and managed quickly and effectively before they turn into bigger issues and possibly bigger claims by employees. An injury procedure plan should include immediate actions that need to be taken by company leaders and other workers. This can include assigning a role in this process so every step along the way is covered effectively.

Have an Incentive Program for New Hires

Cultivating a culture of safety for new employees should start they come aboard. New hires can benefit from incentive programs that reward them for learning different safety steps. Employees who have been at a company for a while can also be encouraged to help newer hires learn about the culture of safety and wellness through group perks.

Return to Work

Companies that contact injured employees during their time away from work after an injury are more likely to have lower costs related to workers’ compensation claims. It’s a good rule of thumb to have a return to work program that encourages employees to come back to work as soon as their health is back to normal. This will allow the company in question to pay out less insurance while also putting the employee back at their job and earning their paycheck.

About InsureMyWorkComp

InsureMyWorkComp is a digital brokerage that helps clients find the right workers’ compensation solution for their business needs. Unlike other online platforms, we will help you to work with an agent who can provide you the right solution for your risk profile. Our staff has over 50 years of workers’ compensation underwriting and sales experience, and we are confident that we will provide you the support that you need. For more information or to get a quote, contact us today at (855) 340-9138.