Workers compensation is a must at every business. You need to protect your assets and your employees. But there are a few simple ways to keep the associated costs under control, no matter what industry you work in.
The most important and significant way that you can cut workers compensation claim costs is to reduce claims. Here are some ways to do just that.
Hire well: Does your HR group know what to look for besides education and experience? Are job descriptions and requirements updated regularly? Some organizations would benefit from employees with specialized certifications or safety training. If you’re hiring for a high-risk department, this can prove especially beneficial, so know which questions to ask and what extra employee skills to look for.
Create best-in-class training: When it comes to safety training, don’t just do the bare minimum. Conduct trainings as part of orientations and on-boarding and regularly hold mandatory refresher courses. Make sure an updated comprehensive safety manual – with company policies and best safety practices, as well as emergency contact information – is easily available to all employees. Print copies are helpful, but digital copies allow for easier and faster access in most cases.
Create learning opportunities: In the unfortunate event of an accident or injury, don’t try to cover it up or gloss over it. Use it as a way to openly explore with leadership and employees alike how to avoid something similar in the future. Not only will this help to create solutions and preventative policies, it will solidify safety as a top priority for your company.
Create better policies: Your company may need to turn away from traditional business practices to emphasize safety. Identify risks and revisit policies regularly.
Work Smart: Our detailed, multi-part education program gives business owners the kick-start they need to implement their own risk mitigation programs. Work Smart helps business leaders develop activities, policies and procedures that can reduce unnecessary business risks.
The best way to create a safer office starts in that very workspace, with the people involved in the day to day work. Managing workers compensation costs is a daunting task. Commercial insurance rates are based on the industry, size and location of the business in question. Knowing which categories to be proactive in can save you money in the long run. If you are looking for a way to spend less on workers compensation, let us help.