How To Contain Workers’ Compensation Costs
As a business owner, you go to great lengths to provide a safe working environment for your employees, but when dealing with humans, accidents can happen. Despite your best efforts and vigilance, accidents will happen. The Bureau of Labor Statistics notes that in 2016, there were more than 1.1 million workplace injuries. Make sure you have adequate workers’ compensation to protect your business from loss. That is when Workers’ Compensation Insurance can help. Workers’ Compensation Insurance should be an important part of your risk management program. There are proven methods to help you contain your costs as much as possible.
Here are some proven tools to help you contain your workers’ compensation costs:
- Create a company safety policy and clearly define safety rules
- Make sure upper management provide support
- Designate a safety committee or coordinator
- Create safety checklists and hazard reports for each job function
- Investigate all accidents
- Have a clear safety enforcement policy
- Provide safety training to all employees
- Request regular claim review meetings with your carrier and agent
- Develop a return to work program
Do not delegate safety, the companies with the best records have an owner on their safety team. Innovative Insurance Services LLC understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they are properly protected. Innovative Insurance Services LLC provides insurance to businesses in Shakopee, Savage, Prior Lake, Bloomington, Eden Prairie, Burnsville, and surrounding areas.