16 Jan Lower Workers’ Comp Costs
Posted at 08:00h in Commercial Lines Blog, Insurance, Insurance Coverages 0 Comments
It seems like every year, insurance is becoming more expensive, and businesses are left to find ways to do right by their employees while also being able to keep the lights on. How can you reduce your workers’ compensation costs without cutting corners on protecting your employees?
We have the answer, and while it may not be groundbreaking or the hidden industry secret you’re looking for, it’s a strategy that leads to the end results you want! A well-rounded, and well-implemented safety program will protect your business, protect your employees, and reduce accidents at your workplace.
- OSHA Compliance
- It may seem tedious and unnecessary, but being OSHA compliant isn’t just a requirement by law. It’s proven to reduce workplace accidents.
- The first step is to develop a written, OSHA-compliant safety program for your workplace.
- Daily Operations
- It’s not enough to write this OSHA-compliant plan. A plan is nothing without action.
- Putting your policy into action will require clear communication and a company culture that places a high value on workplace safety.
- Your supervisors need to be fully aware of your policy and they need to implement it daily.
- Don’t Just Report, Investigate, too!
- In business, everything is a learning lesson. If you want to reduce the cost of workers’ compensation, you have to reduce the number of accidents that occur.
- To reduce the number of accidents, learn from those that do occur. Investigate what happened, how it happened, and how you can prevent it from happening in the future.
- Always, go beyond the report and investigate the incident.
- Don’t ignore the small incidents. Think of how many more small incidents occur over large ones. Consider how those small costs add up over time, and you will see the value of investigating every incident!
- Train Your Team
- Your supervisors require the knowledge and the know-how to implement your safety program.
- Your employees need to know how they can implement your safety program into all of their day-to-day tasks.
- Audit (We know, but hear us out!)
- You will need to have your safety procedures audited after their implementation.
- Not only is this necessary, but you will benefit from it. Learn from the incidents that do occur, and learn from your audits, too. You can learn from all of it and reduce your costs when you take pre-emptive action to reduce accidents.
- Partner with a Team you Trust
- Here at Sava Insurance Group, we want to see your business succeed, and we have decades of experience in workers’ compensation to offer to you.
- Call your agent today at 860-437-7282 to find ways that you can reduce your worker’s compensation costs!
Looking for information on Ex-Mods? Check out our Ex-Mod (Experience Modification Rate) 101 blog for more information!