How to Lower Your Workers’ Comp Costs

How to Lower Your Workers’ Comp Costs

Some business owners think of workers’ compensation costs as just another business expense and leave it at that. They don’t consider the ways that they can save their business money, but there areways you can reduce these costs. High prices can be a result of an abundant amount of claims that take too long to close, but could also stem from not taking the time to see how you, as a business owner, CEO, etc., could lower costs throughout the process. Here are some helpful ways to lower your workers’ compensation costs.

  1. Take preventative actions

You don’t have to wait for an accident to occur to determine what safety measures need to be taken or implemented. Make sure your employees are well-informed of safety and measures that need to be taken in emergency situations. If you’re spending extra on safety, preventing accidents before they happen can actually save you more money, especially when considering the costs long-term.

Create a safety program if you think it will truly benefit your employees’ work environment. Remember that not all work environments may need as extensive a safety program as others depending on the type of business you are in. The types of work environments that may require additional safety usually include a higher amount of physical labor.

Got safety? Get creative and craft a slogan to serve as a reminder for your employees to practice safety at all times. You can even create flyers and post them around the workplace so your employees always have safety in mind.

  1. Join a professional employer organization

A professional employer organization (PEO) is a way for you to better manage claims as well as costs. It is an organization that allows you to choose plan coverages and cut costs through negotiations. A PEO is also proficient in resolving claims and can help them get resolved in a timely manner. Decreasing the time it takes to solve claims is an excellent way to save money. They can also save you money through return-to-work programsand reduce claim costs. They’re the experts when it comes to workers’ compensation, so it may be beneficial for you to consider using their services.

  1. Start from the top

We mentioned earlier that a safety program could be a beneficial way to avoid accidents. Do you have one, and if you do, can it be improved? What’s your mission statement? Does your company give others the impression that safety is your number one goal?

It’s important to ask these kinds of questions as you examine your business’s employees from top to bottom as well as your policies and programs. Your company, as well as your management team, should emphasize safety and your support of workers’ compensation. It is crucial for them to demonstrate their concern for safety and reflect the same ideals as you, as they are representatives of your business.

Now take a look further down the line. Think about your employees. Do they care about safety? Safety is a company-wide effort and cannot be expressed by one person or just one group of people within a business. Careless attitudes can be a cause to accidents no matter how small or detrimental they may be.

Workers’ compensation costs can be lowered in an effort to save your business money, but it’s essential to promote safety rather than saving money. Contact uswith any questions you may have so we can discuss your options. Our team of experienced professionals is always ready to help in any way they can.

Coast General Insurance Brokers