Reducing Your Workers’ Compensation Costs
The easiest and most effective way to reduce your workers’ compensation costs is to reduce the number of accidents and injuries in your workplace, but how can you know that you have covered all the bases when working to minimize your Workers’ Compensation costs? It can be a bit confusing on where to start but actually starting the process can be quite easy, as it should be. By being aware of safety issues in your workplace it will help you control unnecessary costs, increase your productivity, and create a safe environment for your employees. You help this by using the 5 Ps of controlling workers compensation costs:
- Pay Attention
- Properly Classify
By using these 5 Ps you can increase the safety of your workplace and reduce the number of accidents, consequently reducing your Experience Modification Factor, or Mod.
Download our Free Reducing Workers’ Comp. Check List
Assessing your Return-to-Work Program
There are many reasons to have and implement a solid Return-to-Work program at your company. These reasons include: increased productivity, worker well being, cost control, etc. Even though you might already have a Return to Work program in place, that program could use another look to better its results.
Workers Compensation is a very controllable expense for a business owner and Insurance Advisors is well qualified to guide you to specific resources that can help you evaluate your existing program or help you start one at your company. Better RTW programs start with: building up a workplace culture that supports your workers after an injury, keeping in contact with your injured worker during recovery and starting to plan their Return-to-Work, regularly monitoring your injured worker’s progress, and when they return to work taking the time to think and talk about what worked well and what didn’t work and how to improve. At Insurance Advisors we have a qualified team that is ready to assist you with a Return-to-Work assessment.
By: Niklas Almstrom
Download your FREE Return-to-Work Program Assessment Guide.