Based on a confusing combination of factors, many in the construction industry wonder if there’s any straightforward way to bring their ever-climbing experience modification rates (EMRs) down from current astronomical levels. While workers comp insurance consultants understand EMRs are intended to inspire your business to meet tangible safety goals via monetary incentives, we/they also understand it can be difficult to see the direct benefit of specific measures.
Achieving lower rates is more common-sense than you may think
• Common-sense hiring
Opting for well-trained, experienced crewmen with good heads on their shoulders may be the single most effective means of lowering your EMR. These people represent your company. Paying for brains, not just ‘labor,’ will earn you higher morale, better results, fewer accidents, and ultimately greater profits.
• Common-sense safety
The quick replacement of damaged/defective equipment, including out-of-service cards for malfunctioning items, and strict tag-out policies are integral with dangerous equipment. Job Safety Analysis (JSA) programs are likewise essential, as is the institution of ‘the buddy-system’ for safety: Each worker is responsible for himself and one other person, with a manager responsible for all.
• Working programs
Continually evolving health and safety programs are essential, with routine training to ensure a thorough understanding (rather than a gloss-over) of policies/changes. A monthly company lunch where all employees can speak their peace can help you stay in-the-know in all arenas.
• Real incentives
Profit sharing is a no-fail way for workers to see how the proper handling of equipment – and their attitudes – pay high returns.
Not sure where to start? Our workers comp insurance consultants are here to help! Contact Minnesota Comp Advisor today.