Steps For Reducing Workers’ Compensation Costs
Prevent injuries and associated costs at your company
The best way to reduce injuries, illnesses, and associated costs is to be proactive. Workers’ compensation costs can really add up, but by paying close attention to the tools and resources you already have at your disposal you can reduce costs for you and your skilled trades employees. Here are some ways you can design a solid safety program that will reduce your costs associated with workers’ compensation. Here’s how:
1. Develop programs required by OSHA standards
It’s well documented that companies with well-developed OSHA-compliant programs have fever accidents and more productive employees. It’s not just a requirement for general industry, the OSHA standards can give you good guidelines for incident reductions. So many accidents result from poorly developed, trained or implemented OSHA programs.
2. Make these programs standard operating procedure
Integrating these programs in to the daily operation of your company is a crucial step in reducing workers compensation costs. Putting a program on paper won’t get you the results you need. It’s important that every area of your company carry through with the OSHA-compliant programs you have in place.
3. Investigate and document
Any company runs the risk of increasing claims driving up their insurance costs. Make it a priority to do due diligence when investigating any illnesses or injuries. Maintain contact with the employee, their medical provider or any other party involved. Keep records of all documents and give the injured employee a copy as well.
4. Educate and train your employees
Training plays a significant role in safety and in reducing workers’ compensation costs. The most effective way to reduce injury and illness in the workplace is to create a thorough safety and health education and training program. These programs are designed to train you and your employees in the recognition, avoidance and prevention of dangerous or unhealthy working conditions and have been proven successful in reducing injury and illness.
5. Follow through with a post-loss objective
After an injury or illness has occurred, there are things you can do that will affect your workers’ compensation insurance costs. Make sure the affected employee received medical attention and adjusting their duties upon their return to work are good ways to help the employee return to work as soon as possible and helps prevent future injuries. In addition, make sure you file injury paperwork promptly, as their are fines for delaying.
6. Regularly review your safety programs
Once these programs are developed and in place, they should be reviewed on a regular basis to make sure they are still relevant and effective.
7. Hire a risk management company
While managing risk is important, construction related companies often turn to team of experts like Construction Labor Contractors to assist a company with this task. A full-service risk management firm such as CLC can put a comprehensive shield around your organization, absorb risk on your behalf, and minimize workplace injuries.
From maximizing workforce productivity and taking on the responsibilities of Government compliance to minimizing risk exposure and reducing hiring costs, Construction Labor Contractors can reduce your worker’s compensation exposure.
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