Are Rising Compensation Costs Impacting Your Business?
Control Construction Workers Compensation Costs
Many of today’s businesses are keeping a watchful eye on their company’s costs and expenses during these uncertain economic times. Unfortunately, stable insurance rates are a thing of the past. With the rising costs of claims and tightening underwriting restrictions, price increases can average as much as 7% or more depending on several uncontrollable factors.
Based on a published article from InsuranceJournal.com, both manufacturing and construction based businesses are showing grave concern about how to control their worker’s compensation expenses for their employees. While a small percentage of businesses have seen their premiums stay the same or decrease, close to 50 percent have reported a substantial increase over the past year.
How to Protect Your Business Against Rising Premium Rates?
While adopting a safety centered environment can be the most effective tool for controlling construction worker’s compensation costs, utilizing other measures can help keep expenses to a minimum. Other effective goals can include a return to work plan that allows employees to perform light duty tasks, hiring a loss claims manager, on-site accident assessment and striving to achieve a goal of zero company related accidents.
However, we know that zero accidents at a work site can be near impossible. For this reason, you should considering hiring a construction staffing company that will take on the risk of all workers compensation claims!
Hire a Risk Management Company
Managing risk is important. But it’s also important to manage risk successfully if you hope to avoid the high costs associated with occupational injuries and claims. Some construction-related companies develop risk management programs using internal resources, but find the process difficult, and the results costly or unsatisfying. Implementing a cost-efficient risk management program can be challenging and time consuming for many of today’s businesses.
Hiring a team of experts to assist a company with this task will allow for more freedom to concentrate on its growth and success. It can also place safety in the hands of those who experienced with creating a program that is both effective and can help keep future costs to a minimum. Many companies are finding success by outsourcing their entire human resources department, including risk management, to full-service risk management firms like Construction Labor Contractors.
With a full-service risk management company, you get access to a comprehensive risk management department featuring smart, experienced underwriters, loss-control specialists and claims managers. By providing most everything–from return-to-work programs and drug testing to comprehensive claims review and litigation–we can put a comprehensive shield around your organization, absorb risk on your behalf, and minimize workplace injuries. And you’ll be glad to know we can manage workers’ compensation in all 50 states.
The Benefits of Using Leased Labor and Temporary Workers
Because the burden of worker’s compensation expenses shifts to the staffing company, hiring temporary workers can be an excellent way to control your company’s costs.
Construction Labor Contractors is a trusted named in the staffing industry since 1977. As part of our plan to be an industry leader, we place a keen eye on safety by providing the highest quality in training for all of our temporary workers. We also instruct our staff on the measures that they need to guard against in order to alleviate certain safety hazards. 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.
Are you ready to begin?
Construction Project Managers:
Contact one of our leased skilled labor representatives for details!
Fill out our jobs contact form today!