With state and federal workers’ compensation laws covering
well over 125 million employees and $6 trillion in wages nationwide, it’s a
matter that no business owner can afford to ignore. While these laws are
designed to protect both employees and employers, the simple fact is that
workers’ compensation does have a significant effect on your bottom line. Of
course, workers’ compensation laws and the claims process can be quite
difficult to understand, which is why many companies end up spending more on
workers’ comp than necessary.
In an effort to demystify workers’ compensation and help you
get your business’s expenses in check, we’ve compiled this simple list of
effective tactics for keeping your workers’ compensation costs down.
1. Make workplace
safety a priority: It’s pretty simple — the safer your workplace is, the
fewer
injuries there will be. The fewer workplace injuries, the lower your workers’ compensation expenses. Hold regular safety meetings and training sessions with your employees, make sure your facilities and equipment are up to par and post safety signs throughout the workplace. Some companies even reward their employees for achieving certain safety goals (e.g. a catered lunch for 30 days without an accident).
injuries there will be. The fewer workplace injuries, the lower your workers’ compensation expenses. Hold regular safety meetings and training sessions with your employees, make sure your facilities and equipment are up to par and post safety signs throughout the workplace. Some companies even reward their employees for achieving certain safety goals (e.g. a catered lunch for 30 days without an accident).
2. Promote employee
fitness: Healthy, fit employees are typically at a lower risk for getting
hurt or sick on the job, and when they do get injured, they can have faster
recovery times and fewer missed days at work. Simply put, a healthy team of
employees is more productive and costs less to insure. Adding a wellness
program can significantly cut your workers’ compensation claims and costs.
3. Respond to
injuries quickly and properly: In the event that an employee gets injured
on the job, it’s important that you’re able to respond quickly. Make sure you
have a procedure in place to report claims quickly and to coordinate fast,
quality medical care to support fast healing for your employees. Proper injury
response will help ensure any safety hazards are corrected quickly and get
injured workers back on the job as fast as possible.
4. Offer
return-to-work opportunities for injured employees: By offering injured
employees modified duty, you can save on the expense of temporary disability
payments. For instance, if someone in your warehouse hurts his or her back and
is unable to lift heavy objects, you might be able to offer light duty office
work. Just make sure your modified duty fits within the treating doctor’s
recommendations.
5. Work with a medical
bill review company to avoid overcharges: If you’re blindly paying your
workers’ compensation medical bills, there’s a good chance you’re being
overcharged without even realizing it. The fact is, medical billing is a
complex task, and mistakes happen far more often than anyone would like to
admit. That’s why it’s so important that you have experts auditing your bills
to catch any mistakes, challenge them and have them corrected to save you
money.
Employers have ample options for reducing workers’ compensation
costs and improving workplace conditions. Get started by following these five
simple tips!
These are some good tips that I could forward on to my company chairman. I was put in charge of building workplace security. Not really sure why, I must have impressed the boss in such a way that he would think like that, but here I am. Anyway, we're working on lowering our company insurance and that can be done by building a better workplace safety.
ReplyDeletehttp://mooneyandassociates.com/personal-injury/workers-comp/
What great tips about how to keep your workers compensation cost low. One of the tips that really stood out to me was tip three where you mentioned to make sure that injuries are reported promptly. That definitely sounds like it would be a great option, instead of letting the report sit on your desk. Thank you for taking the time to share this information. http://www.hamiltonlawfirmpc.com/work-injury/1982768
ReplyDeleteI think nowadays most companies do a good job of keeping the environment safe for employees. Even then, it is still important to make sure that you are taking care of your employees, and also making sure that they are covered with our any unnecessary overcharges. Thanks for letting me know about the medical review companies and working with them. I will pass this on to my friend how owns a company. http://ransomgilbertson.com/workers-compensation/
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As an employee myself, I need the money that a work for, if s company is willing to give me other duties that don't affect my injuries, then sign me up. If more companies had this, they would see a lot a change on workers comp. Payments. http://paulguthrie.com/Accident-Lawyer-Lexington-KY.html
ReplyDeleteI really like what you said about promoting employee fitness to help keep your workers compensations down. That is something I never would have thought of that on my own. Healthier employees typically means less injuries at work.
ReplyDeletehttp://www.dwyerlaw.com.au/areas-of-law/personal-injury-law/work-accidents.aspx
Chris, these are some really good tips for a new business owner to know. I liked what you said about responding to an injury quickly and properly. That way you everything will be worked out correctly with workers compensation insurance.
ReplyDeleteIt's not my very first time to visit this blog; I’m visiting this daily and acquire superb info from here day by day.
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Hi admin
ReplyDeleteIts really awesome, that's the blog you admire I liked it.
The Illinois Workers' Compensation Commission strives to reach fair results for all parties involved in work injuries.
Workers Compensation
Best Regards
Kylie Hamilton
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