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What Can You Do To Control Your Worker's Compensation Costs?

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If you are concerned about the costs associated with the worker's compensation insurance policy for your business, you will be happy to learn that there are things you can do to reduce those expenses. This insurance policy is essential for your business, but there is no reason to pay more for it than you have to.

There are many things that you can do, as management or as the owner, to reduce the total fees you pay to protect the company from worker's comp cases:

Plan For Safer Practices, Workers And Facilities

By investing in safety, you are investing in the future. Supply lifts, tow-belts, safety bars, work-buddies or whatever safety devices your industry needs, to keep its workers safe. However, don't stop there and plan for regular, mandatory training classes to educate people about how to use the new safety measures. 

In addition, obtain a safety evaluation of your facility, as there are many things that could be made safer in the workplace that might not be included in the minimum standards for your state. Basic steps like improving lighting and enlarging drains to better allow the drain of water from an area in case of flood or mishap, can make everyone safer. A safer facility can reduce your insurance premiums.

Report Claims Quickly

It is important to remember that memories fade quickly and therefore, the details of an accident will not be as clear to most people six months later. Therefore, it is essential to report all events to the insurance quickly, including any witness statements and medical documentation that may be available.

Information can always be updated later. Reporting injuries as soon as possible after they occur allows the employee to access prompt medical care and documenting each injury as it occurs often prevents the injury from deteriorating due to lack of care.  Together, they all have the potential to save money.  

Provide Work Opportunities That Are Appropriate For The Returning Employee's Abilities

A significant problem with many worker's compensation cases is that it may take employee months or years to be able to return to work in their previous role. Fortunately, there is a quick solution to the problem. As they improve, simply find something work-related they can do, even if it is only for a few hours a week.

By doing so, you are empowering the injured worker, and giving them a reminder of how fulfilling it will be to return to work in their full capacity. Obviously, they will be working for part of their check, which means you are not continuing to write big checks for no work while they recover.

In conclusion, worker's compensation laws are devised to protect the worker from debilitating injuries that occur at work. However, by protecting the worker, it can become an overwhelming expense for the employer. As a result, it is important to plan ahead for both parties equally during that stressful time.

To learn more, contact a company like McMullen & Ochs PLLC with any questions you have.