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.
What Does a Business Owners Policy (BOP) Cover?
Your business is an extension of who you are and a reflection of all you’ve accomplished so don’t let things damage to the property or injury to others harm it. A BOP combines essential insurance coverage’s, and it also allows for the flexibility to purchase optional, additional coverage to help protect your assets so you can concentrate on what matters most to you, running your business.
The BOP combines coverage for all major property and liability exposures into one package policy suitable for most small businesses. It can be compared to the same way that a homeowner’s insurance policy protects your home and personal belongings. BOP’s combine two of the most important coverage’s for small businesses: Business Liability and Property. This allows you to save money while also protecting your property and belongings.
- Property insurance for buildings and contents owned by the company. There are two different forms, standard and there is special which provides more comprehensive coverage.
- Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
How to Reduce Workers’ Compensation Premiums
By taking simple steps to reduce injuries in the workplace, you can reduce and control your workers compensation costs. Workers compensation premiums are calculated based off your Experience Modification Factor or Mod. This formula compares your company’s actual losses to your expected losses by industry type. It includes factors that account for company size, unexpected large losses and the difference between loss frequency and loss severity, to achieve a balance between fairness and accountability. To control your Mod develop a sound safety program, return to work program (for more information and tips on return to work programs see our blog about Return to Work Programs), and proper prevention procedure to reduce loss frequency. The most effective way to reduce workers compensation premiums is having a safe work environment and a proactive safety program to reduce losses. Some other tips include:
- Train Employees – regularly on the safe and correct use of equipment
- Safety Manuals - are created and distributed to all employees
- Return to Work- the sooner the better, but with modified or alternate work
Learn how to increase the safety for your employees while decreasing your premium costs. Download our free Reducing Premiums Workers’ Compensation Tip Sheet today!
Why is a Return to Work Program so important?
The Purpose of a Return to Work (RTW) Program is to return workers to employment at the earliest date possible following an injury or illness. Creating a safe work environment is the main factor in keeping employees safe and avoiding costly workers’ compensation claims. But accidents happen, and when they do an employee that misses time can often come back feeling “lost” or “out of the loop” due to the constant change in businesses today. A RTW program can produce results that directly help the returning employee, these include:
- Decreasing lost productivity
- Increasing morale
- Reducing employee lost time and cost associated with an injury
- Decreasing costs for hiring and training a new employee
- Decreased insurance premiums
There are many uncontrollable variables and finding areas that can decrease costs can have a large impact. Statistics show much higher costs for businesses that do not have a RTW program. Take these and form your own RTW program and reduce your costs:
- Establish a relationship with medical providers
- Update job descriptions
- Allow recovering workers to ease into a full work schedule
- Involve the injured worker in the discussions about alternative work
- Be positive and flexible
By implementing a RTW program you will be able to control the cost of your workers’ compensation saving you money & increasing your profits. Download our Free Return to Work tip sheet and start controlling your workers’ compensation costs today.