Workers Compensation

Strategies for Containing Workers Compensation Costs

Workers’ comp insurance is a requirement for most businesses with employees. Costs vary based on a number of factors, and, inc some cases, they can become a financial strain on a business’ finances. That does not have to be the case. Implementing strategies such as these can help you lower workers comp costs.

Develop and Communicate a Safety Strategy

A comprehensive safety strategy that is effectively communicated with all employees can go along way to containing workers comp costs. What is included will depend on the nature and scope of your business, but it should include strategies that identify potential risks and work to reduce them. Keep in mind that each position within a company carries its own set of risks and potential for injury and assessing those allows you to develop ways to minimize them.

Secure Worker Buy-In

However, if workers are not vested in the process of improving safety, even the best plans will be difficult to implement. Appointing a safety coordinator can help streamline this process. Incentivizing safety programs can further encourage participation.

Initiate a Written Claims Handling Process

No matter how safe operations are, accidents can still occur. A written claims-handling process should be developed for those times. It should include the proper procedures for reporting and filing a claim and other features designed to get employees back to work as quickly and safely as possible.

Combined, these features help reduce risks and improve the company safety record. That, in turn, can help to lower workers comp costs.