Lowering your workers’ comp premiums can help save a company a considerable amount of money. Few people know and understand how just a few workers’ comp claims can have an adverse effect on work comp premiums for years. By reducing your WC costs, you can lower your premium. Let’s look at some proven tips.
2. Follow Federal and State safety bulletin posting regulations, and make sure you have your companies safety guidelines posted next to all other required information. Showing your employees the company truly cares about their health and welfare while on the job goes a long way toward building and maintaining a positive relationship.
3. Keep lines of communication open with your employees. Open-ended employee communication becomes important in the event of an injury. An employee is more apt to take suggestions from the company if they already have a strong relationship, rather than just showing up at the hospital and trying to talk with them after the fact. Take steps like sending a get well card to injured employees, or make a phone call to them if they are injured.
4. Contact your local OSHA center and ask for information and links to websites offering tips for improving your safety programs and training. The company may already have an efficient and well-rounded safety plan, but seeing what other companies are doing can provide additional options to enhance existing safety guidelines and procedures.
5. Don’t be afraid to shop around for better policy rates. If your company has a good track record and has consistently demonstrated proactive training, safety, and workflow procedures, you may be able to shave some money off your premiums. Your payroll, classifications, and operation are fixed, but by taking control of everything you help reduce your insurance costs.
6. Consider options, such as employee assistance programs (EAP) that can help maintain a healthy workforce. These programs help keep your workers on the job, and aid in avoiding turnovers and absenteeism. Workers who are happy and not burdened with personal problems and issues are more apt to perform more productively than employees who have problems at home, or are suffering from depression, substance, or alcohol abuse. (workersxzcompxzkit)
7. Speak with your insurance company and tell them you want to make your workforce more productive and safe, and what information can they provide to assist you. You will more than likely get enough information to set you on the right path. Remember always to take a proactive stance, and with diligence you will be able to lower and maintain your workers’ comp costs.
Author Rebecca Shafer, J.D. President, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. She can be contacted at: RShafer@ReduceYourWorkersComp.com or 860-553-6604.
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