When it comes to reducing workers' compensation insurance, many small businesses assume the only thing they can do is to reduce incidences of injuries in their workplaces. It's true that reducing the number of claims is one of the best ways of curbing rising premiums, but there are other equally effective measures. Here are three more strategies to employ:
Instigate A Return-to-work Program
Such a program ensures an injured worker returns to work as soon as he or she is able. The worker doesn't have to achieve a hundred percent fitness to get back to work. The goal is to get injured workers working again as soon as there is something he or she can do, without jeopardizing his or health.
This reduces the number of days the worker collects lost wages benefits. As a result, your insurer incurs lower costs, and your rates are unlikely to be increased. It also hastens the closing of workers' compensation claims. The more a workers' compensation claim stays open, the more costly it is to settle the associated claim.
Be On The Lookout For Fraud
Human beings being who they are, there are people who will always seek to reap where they did not sow. Workers' compensation fraud is an expensive reality; it costs the country over seven billion dollars every year.
It is in both (both you and your insurer) your interests to reduce fraud since it costs you money for nothing. When workers perpetrate fraud and get away with it (are compensated), your rates are likely to rise just as they would with genuine claims. Here are different ways of curing fraud in your place of business:
Join a PEO
As a small business owner, you may lack the resources to manage or reduce your workers' compensation costs. Joining a Professional Employer Organizations (PEOs) may take such tasks out of your hand and allow you to concentrate on your core operations. The organizations offer many services that may help you reduce your workers' compensation costs. A PEO may help you to manage workplace safety protocols, and handling workers' compensation claims on your behalf. Joining a PEO may also give you access to lower premiums since they purchase insurance in bulk (they can do this because they represent multiple businesses).
Whatever you do, don't forgo workers compensation insurance as a means of cutting out all the related costs. The complications of dealing with injured workers, if you don't have insurance, can be extremely costly in the long run.
For more information on staying on the right side of both the right side of workers' comp law and your budget, consult firms like Locklin & Mordhorst.Share
28 January 2016
Hi, my name is Sally. I was living a pretty average, uneventful life until I had an accident. At that point, my life become more stressful and painful than I could have ever imagined. Sadly, my accident happened on private property, and it could have been prevented if the owner of the property had kept up with his shoveling. For months, I missed work, suffered through constant pain and become more and more depressed. Finally, a friend referred me to an accident and injury lawyer, and she showed me how to get the compensation that I deserved. I don't want to see anyone else suffer like I did, and because of that, I decided to create this blog. Here, I hope anyone who has been injured can find the information they need to get fully compensated and regain their lives. Enjoy your reading and thanks for stopping by!