Controlling Your Workers’ Compensation Costs

Workers’ Compensation insurance is required for most employers in most states (all but Texas). While it’s a necessary cost of having employees, it’s one cost that can be controlled.

Many employers pay high premiums for workers’ compensation because they have too many claims open for long periods of time or because the company is not effectively controlling their workers’ compensation process. OLYMPUS DIGITAL CAMERA

There are several ways an employer can work to control these workers’ compensation costs including creating and enforcing a safety program, properly managing any injuries that do occur on the job, and implementing a “Return to Work” program to get employees back to work as soon as possible following an injury. Continue reading

Reducing Workers’ Compensation Costs

coins-97132_1280Workers’ Comp is an important safety net of protection which benefits both the worker who risks injury on the job and the employer who would otherwise face potentially crippling liability for workplace injuries.  The Workers’ Comp insurance system is intended to streamline claims, and take these issues out of the courts and into a no-fault context.

This helps workers get the cash flow they need to replace lost incomes right away.  At the same time it helps employers avoid a lawsuit which could bankrupt them, arising out of the serious injury or death of an employee due to a workplace accident.

That said, some employers may actually be paying more than necessary for Workers’ Compensation premiums because they don’t understand how premiums are set, and what they can do to help improve their ratings to lower premiums.

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How to Investigate Workplace Accidents

checklist-154274_1280Your business exists to make a profit.  Your business decisions are based on sales, costs, profits, and losses.  Keeping accurate records is essential in making your business successful.  Patterns found in your financial records influence your decisions.

Investigation and recordkeeping of accidents, related injuries, and property loss serve the same purpose.  Determining patterns of accidents will influence your decisions.

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