Minimizing Workers’ Compensation Risks
If you are under the impression that Workers’ Compensation rates are set by the state, well, you’re right! But don’t be under the impression that you cannot do anything to help lower your overall premium. Developing a proactive risk management approach can help you create a safer, more structured workplace which over time will help lower your modification score. If we could provide you a plan that would eliminate workplace accidents, we would, but that is not possible. What we can provide you with, however, is the strategies and tools to minimize the opportunity for accidents to occur and mitigate the impact of the unforeseeable. While claim activity cannot be completely under your control, there are things you can do to demonstrate to your carrier you run a tight, and safe, ship, and are deserving of Workers' Comp premiums that reflect that.
- Offer health insurance, which may deter employees from using Workers' Comp as recourse for not having a health plan.
- Keep up-to-date OSHA logs with specifics about work-related injuries and illnesses. You should record when a work-related event or exposure causes or contributes to a condition or aggravates a pre-existing condition. Record deaths, loss of consciousness, days away from work, restricted work activity or job transfer, medical treatment beyond first aid, and injury or illness diagnosed by a physician or other licensed health care professional. This includes but is not limited to cancer, chronic irreversible disease, a fractured or cracked bone, or a punctured eardrum.
- Organize a formal safety program, put it in writing, and conduct safety meetings.
- Develop an accident investigation program.
- Outline and post consistent instructions for any required safety equipment such as ear plugs for high noise or safety goggles.
- Utilize your carrier's loss control surveyors by asking questions about ergonomic testing or additional materials or websites recommended to improve safety.
Your business cannot be successful without good employees. We want to help you keep those good employees succeeding in your workplace. Give FBinsure Risk Advisors a call to start to developing a plan.