3 Steps to Keep Worker’s Compensation Costs Low

Slip-and-fall accidents, including falls from stairs and other heights and other fall-related accidents, are a common cause of job-related injuries as well as absences from work. In fact, according to data from the U.S. Bureau of Labor Statistics (BLS), in 2010, about 300,000 slip-and-fall accidents caused lost days from work in businesses from across the country. That translates into millions and millions of dollars of lost revenue as well as countless hours of lost productivity – and significantly higher worker’s compensation claims costs, to boot.

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Worker’s compensation is an important type of insurance for business owners to have; after all, it provides critical coverage for workers who do become injured, and it also reduces the risks of lawsuits stemming from job-related injuries. What’s more, it’s required by law for most businesses. Still, despite its benefits, for businesses that have a large number of injuries, the premiums can be high.

The good news is that, just like any other type of insurance, there are steps you can take as a business owner to keep the costs of your premiums as low as possible. If the prospect of lower worker’s comp costs sounds goo to you, here are three steps you should be implementing starting today:

  1. Establish a safety program – and if you already have one, fine-tune it. Companies that don’t have responsive safety programs in place are setting themselves up for losses. Begin by identifying potential hazards, like stairs or poorly-secured warehouse shelving, then ensure safety measures are put in place to prevent injuries. Then move on to the policies that manage behavior so workers know what they can and should be doing to prevent injuries form occurring. Finally, plan to review your program on a routine basis. A safety program doesn’t just set safety standards; it also helps anticipate potential issues that can cause worker injuries as well as setting a schedule for periodic reviews to ensure the program is up to date.
  2. Set up a return-to-work program to make it easier for injured workers to get back on the job, even if it means modifying some of their activities and duties for a while to help them make the transition. The sooner workers can get back to work, the faster worker’s comp claims can be closed out, and the more money your business can save.
  3. Review your policy with your insurance agent. Insurance agents and brokers know the insurance industry inside and out, and that means they’re in a great position to help you identify changes you can make to help keep your workers safe and your premiums low. At Basi Insurance Services, we work closely with businesses in and around Oakdale, CA, to help them understand the important steps they can take to improve workplace safety.

Interested in learning more about how to keep your insurance costs low? Call Basi Insurance Services today at (209) 847-3065.

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