7 Tips for Reducing Workers’ Compensation Costs
March 22nd, 2011Just a few workers’ compensation claims can have a big impact on your Staunton company’s cost of doing business. So how can you avoid accidents and claims, and lower your insurance costs? Here are some tips.
1. Thoroughly investigate accidents.
To develop an effective accident prevention program, you first need to find out what accidents occur most often, why, and the severity of the injuries. Interview the employee involved in the accident, as well as any witnesses. In many cases, you will find that a large percentage of your accidents come from the same or similar sources.
2. Report accidents immediately.
Injured employees may contact an attorney if you delay reporting the accident. In addition, the faster you report the accident, the quicker the employee will be treated and back at work.
3. Create an accident prevention & safety program.
If you’re uncertain of where to start, OSHA offers an On-site Consultation Program to small and medium size businesses across the U.S. to help them identify workplace hazards and improve their safety programs. Your workers’ compensation insurance carrier will also likely be able to provide you with resources and support to develop and implement an effective safety program.
4. Be consistent.
While your accident prevention and safety program may take time to implement, it will produce positive results if you’re consistent in your commitment to it.
5. Require safety training.
Make safety training a requirement for employees so you can be sure they understand safety policies, accident prevention, and emergency response actions.
6. Give safety incentives.
For instance, get input from your employees as to how to improve your workplace safety program. Award the winning suggestion with a gift certificate to a restaurant or an extra vacation day. Another incentive is to offer rewards or compensation to managers based on their safety performance and the performance of those they supervise.
7. Use temporary employees.
If your Staunton company experiences a seasonal increase in business or you need short-term help, consider temporary employees rather than hiring full-time help. Temporary workers are employed by the temporary staffing agency, so the agency is responsible for expenses like workers’ compensation insurance.
And if you’re interested in learning more about how a Staunton staffing agency can help you lower your overhead, please contact Adams & Garth today.

