Check out how to reduce your workers’ compensation risk and expense.
Most business owners take the necessary precautions to protect employees and visitors. Even so, accidents happen. The formula for determining your company’s workers’ compensation rates is complex, but the concept behind it is pretty straight forward. The more claims that your employees file, the higher your rate will be. As a result, businesses want to reduce the likelihood that their employees get injured on the job and cash in on the claim. Here are just a couple of loss prevention strategies:
- Develop Training Programs Many injuries can be prevented before they occur. Having a safety program helps you to identify and eliminate workplace hazards that may cause accidents. Once you have evaluated the risks in your business, you can work to add safety preventions to a program by developing safety manuals and safety guidelines for employees.
- Train Employees Many workers comp injuries come from employees using machinery incorrectly. It is important for the company to provide proper and thorough training for each piece of equipment, discouraging users from taking shortcuts. Also, always provide proper protection for them – such as eye goggles and helmets. In addition, include drug testing programs into your hiring process.
- Shorten Any Claim When accidents happen, a return-to-work program can create a direct cost benefit to the workers’ compensation claim. Research shows that the longer a claim is open, the more expensive the claim. A program like this is to proactively help injured employees get back to work as soon as possible, even if it’s on a modified basis as they recover.
Get started on securing the right insurance policy for you and your business. Check out how Tompkins Insurance Agencies to help keep your business protected with workers’ compensation!
