You may not realize it, but workcomp insurance premiums aren’t the sole cost of injured employees. On-the-job accidents result in indirect costs that go well beyond these expenses: Replacement of employees, training, the repair or replacement of damaged property, lost productivity, schedule adjustments, absenteeism, lowered morale, accident investigations, and corrective measures necessary to prevent future accidents are among the many costly deductions from your bottom line.
But what if there was a simple way to prevent incurring these deleterious costs?
Controlling workcomp insurance involves common-sense measures
Really, it’s not as hard as you think…
1. Safety Training
Preventing injuries before they occur avoids the unnecessary costs of an on-the-job injury. Studies show that for every dollar invested in identifying and eliminating hazards, you’ll see $2-6 in return – just one of the many reasons the majority of states require written safety programs. Putting these standards on paper also shows your company’s commitment to safety. Learn more.
2. Return-to-Work Programs
Return-to-work programs offer a direct cost benefit to claims, shortening their “open” time and reducing expenses. They also proactively help injured workers get back to the job as soon as possible with the help of modified duties, thus protecting worker quality of life. This, too, offers indirect cost benefits, helping prevent alienation and preserving the employer/employee dynamic, as well as lowering the chances workers will seek employment elsewhere.
3. Professional Employer Organizations
PEOs can help you negotiate premium costs, navigate claims and safety challenges, and implement changes to help you foster a “culture of safety” at your organization.
Don’t suffer through workcomp insurance premium pain – find a solution with the help of Minnesota Comp Advisor. Contact us today.