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Companies are expected and even required to take a level of responsibility for employee well-being. From providing safe and humane working conditions to allowing easy access to clean drinking water and maintaining reasonable work schedules, employees today benefit from many fundamental rights that workers simply did not have in the past.
Work Comp Savings Strategies
Another aspect of well-being that companies are expected to handle is the financial care of employees-which includes workers’ compensation. Workers comp is an essential type of insurance that every company should have, whether or not it is mandatory. This coverage offers wage replacement and pays medical benefits to employees who are injured on the job. Workers covered under this insurance give up the right to sue employers for negligence. While this coverage helps both employers and workers, it can be costly. Here are tips for lowering workers’ comp premiums.
Hire Responsible People
A key to reducing workers’ compensation premiums is to lower the chance that employees will make claims. Establish a practice of seeking out responsible people among the applicants for open positions. There are multiple ways to do this, including:
- Background checks – You can outsource extensive background research to a specialist firm, but you can also do some research yourself. Apply with your state’s Department of Motor Vehicles for applicants’ driving records, and look for social media posts, including blogs.
- Job descriptions – Post comprehensive job descriptions for open positions that clarify your expectations for all applicants. This step can help eliminate unqualified people from applying.
- Physical screenings – Some companies decide to make screenings like drug tests mandatory for applicants. However, not every state allows pre-employment drug screenings, and you must tell applicants about them if you can legally require such tests.
Another benefit of selecting employees carefully is potentially lower costs on other insurance policies such as auto coverage and perhaps even property policies.
Handle Claims Promptly
An essential aspect of reducing workers’ comp costs is handling any claims quickly. First, provide first aid immediately, even for minor injuries, and investigate the accident scene for your records. Report injuries right away, and maintain accurate, careful records.
Seek Discounts
Just as with other types of coverage, you may be able to get discounts on workers comp by taking specific steps and instigating particular measures, including:
- Establish a drug-free worksite
- Start a focused safety program that includes orientation and ongoing refresher courses, such as fall prevention
- Set up a safety committee
Some providers offer discounts to make their jobs easier. Examples include choosing paperless communications and paying your entire premium when purchasing a workers comp policy.
Encourage Wellness
Set up a wellness program. This not only helps lower general healthcare claims but can also reduce workers’ compensation costs. Additionally, encouraging employee wellness can raise the quality of life for workers so that everyone benefits.
About Transparity Insurance Services
Transparity Insurance Services was founded to help clients to ensure their property and assets with no hassle. We are committed to providing a simple, easy, efficient, and positive experience to all of our clients and prioritizing open and transparent communication. Through our excellent customer service and technology, we can help you find the right insurance program at a competitive price. Contact us today at (855) 889-2037 to learn more about what we can do for you.