For most businesses, there is no way to avoid paying workers compensation insurance premiums. However, the size of these premiums relative to those paid by similar businesses is often a direct reflection of how well a business manages risk. Safer companies very often enjoy better morale, higher productivity and larger bottom lines. With that in mind, consider some ways to reduce workers compensation insurance premiums.
1. Set up a Safety Program
One thing that risk managers should do is notice trends in the types of safety incidents and actual injuries that occur in a particular company or in an industry as a whole. Many companies have enjoyed three-digit returns upon their investment after implementing safety programs. Preventing avoidable accidents before they happen should be the goal of these programs. Obvious benefits include fewer accidents, a more empowered workforce and, of course, lower business insurance premiums (discount options vary by insurer).
2. Return-to-Work Programs
While good risk management can help reduce injuries, they may still occur from time to time. Having a program in place to help injured employees return to the company as quickly as possible helps reduce the cost of claims and may also help improve employee morale. Your people will see that your company wants to take care of them. There should be a coordinated program to help injured people get back on the job. This program might include part-time or modified duties until the employee completely recovers and can fully resume his or her full workload.
Other Benefits of Lower Workers Compensation Insurance Premiums
The good news is that the things that can be done to reduce premiums are also things that should help improve safety and risk management within an operation, and these improvements usually bring plenty of other benefits besides just helping to control business insurance premiums. There are third-party consultants that can help set up good programs for smaller companies. However, very often, insurance agents offer these services for their clients.
See how much you could be saving. Call Knight-Dik Insurance Agency at (800) 286-6353 for more information on Worcester workers compensation insurance.