In a slowing economy, employers are looking for opportunities to cut costs. A frequently overlooked method to save money is reviewing the organization’s insurance program, which many employers view as a fixed cost. While premiums for most business insurance coverages are static, workers’ compensation premiums can vary and present a lucrative opportunity to conserve cash.
Below are three tips to decrease workers’ compensation costs in your organization:
- Implement a comprehensive safety program: One of the most effective ways to decrease workers’ compensation costs is to prevent accidents and injuries from occurring in the first place. Developing and implementing a comprehensive safety program can help to identify and address potential hazards in the workplace and provide employees with the training and resources they need to work safely. This can include things like safety meetings, hazard assessments, and emergency response plans.
- Invest in ergonomic equipment and practices: Repetitive strain injuries and musculoskeletal disorders are common causes of workers’ compensation claims, and they can be expensive to treat. Investing in ergonomic equipment and practices can help to reduce the risk of these types of injuries, and ultimately lower your workers’ compensation costs. This can include things like adjustable workstations, ergonomic keyboards and mice, and training on proper lifting techniques.
- Work with a workers’ compensation provider that offers loss prevention services: Many workers’ compensation insurance providers offer loss prevention services to help businesses reduce the risk of workplace accidents and injuries. These services can include risk assessments, safety training, and claims management support. Working with a provider that offers these types of services can help you to better manage your workers’ compensation costs over time.
Overall, decreasing workers’ compensation costs is all about prevention. By taking proactive steps to identify and address hazards in the workplace, investing in ergonomic equipment and practices, and working with a workers’ compensation provider that offers loss prevention services, you can help to keep your employees safe and your costs under control.
Looking to improve your workers’ compensation program but don’t know where to start? Talk to an Insurance People representative to help jumpstart your program now.
Read our recent success story: Property Management Group Lowers Experience Mod and Workers’ Comp Premium by 30% through Managing Safety and Risk