No matter how big or small your business is, you’re going to be paying attention to your bottom line. From payroll to daily operating costs to inventory management, it’s important to keep the books balanced. Because of this, you’re going to try to operate as efficiently as possible by minimizing expenditures where you can. For some businesses, one of these areas is workers’ compensation costs. If you’re considering workers’ compensation cost reduction strategies, it’s important to get advice from experts. At Samuel Hale, this is one of our areas of specialty. You can get started with our short guide of strategies below.
Train workers on safety procedures
The unfortunate truth about insurance policies is that the more you have to dip into it, the higher your premiums will go the next year. Workers’ compensation policies are no different. However, you can help keep your employees from getting hurt on the job by training them in health and safety procedures. This often goes more in-depth than simply telling your workers to do something this way or don’t do that. Teach them the reason why it’s these protocols are in place in the workplace and they’re more likely to adhere to safety procedures that will keep them safe.
Minimize or eliminate health and safety risks
Every job has inherent risks. Whether it’s a slippery, greasy floor at a fast-food restaurant or a forge in a steel factory, there’s always somewhere that you can risk getting hurt on the job. While this is an unavoidable part of working, you can still work to minimize risks for your employees. Put policies in place that require the use of hard hats, non-slip shoes, or gloves to avoid specific injuries related to those parts of the body. You can also work to remove tripping hazards from high traffic areas or keep doorways free from obstruction.
Assign return to work and transitional duties
Some people who get injured on the job will look forward to the time away from work when they’re injured. Despite the fractional pay, it can be tempting to want to stay away as long as possible. Although, you can encourage injured or ill employees to come back to work with a program that helps them work to come back to work or transition into coming back on a part-time basis. The sooner your employee comes back to work, the lower your claims will be, and the sooner they can start getting a regular paycheck again.
Verify employee job titles and classifications
The cost of your workers’ comp policy is associated with the risk of each employee. This means that if you have 50 employees and 45 of them have job titles that are considered high risk for injury, you’ll be paying more than another company that has 20 employees at high risk. Go through the classifications of each employee and verify that each title is appropriately identified so you’re paying the necessary premium for each.
Contact us for more advice
If you’d like more advice about workers’ compensation cost reduction strategies, get in touch with our team at Samuel Hale today. We can evaluate your workers’ compensation policy to help you find areas where you can save money now and in the long run. Give us a call at 855-726-4253 or send an email to email@example.com. We look forward to working with you.