3 Programs Your Business Can Implement to Lower Your Workers’ Compensation Premiums
Posted on: May 23, 2019 by Javier iSure
Struggling to lower workers’ compensation premiums can take a toll on a business’s operations, especially for smaller businesses looking for ways to cut costs. Workers’ compensation claims post major risks for any company of any size, especially since claims and net premiums have been steadily on the rise in the last decade.
From simple muscle tweaks to long-term ailments or even death, workers’ compensation claims and on-the-job injuries can break a business’s bank account. As a business owner, you must be prepared for certain situations like these to understand the fate of your company. While you may be aware of the direct costs you pay in workers’ compensation insurance premiums, you may not understand the indirect costs of accidents and injuries. That’s why making an effort to control the cost of Workers’ Compensation insurance is vital to your bottom line.
Here are some ways in which you can lower your workers’ compensation premiums while boosting the health and safety of your employees.
1. Safety Programs
One way in which businesses can reduce workers’ compensation premiums is by implementing a workplace safety program. You can do this by following certain safety program templates or consulting with a third party, or even work with your workers’ compensation insurance carrier who can help outline what you need.
The average cost for medically consulted injuries hovers around $40,000, which includes all factors like medical costs, administrative costs, as well as losses due to productivity.
Instilling a culture of safety among your employees will help to alleviate risks on any job site while enhancing the focus on keeping everyone’s well-being in mind.
2. Return to Work (RTW) Programs
The longer an employees’ workers’ compensation claim is open, the more costly it becomes over time. It can also become more difficult for employees to return to work the longer they are away from their job. Businesses can reduce their workers’ compensation premium costs while improving the transition process by putting together a program that lets employees work according to their ability, no matter if that means assigning them lighter duties, shorter hours, or even offering remote work. This helps the employee ease back into their role on the same level they were at before.
3. Group Programs
Businesses may be able to sign up with a group program to lower their overall workers’ compensation insurance costs. Some companies have the choice to enroll in state-backed programs, which can help to lower premium costs. There are also private group programs, like professional employer organization (PEO), which lets businesses outsource their human resources needs while also accessing a wider breadth of insurance options.
About iSure Insurance Brokers
After serving leaders in the Greater Miami market for more than three decades, iSure Insurance Brokers has become the provider of choice for discerning commercial clients and individuals alike. Because no two insurance programs are or should be alike, you can be sure that iSure will craft a comprehensive approach to protection that is as unique as you are. We welcome the opportunity to protect what you have worked so hard to build. Please contact us at (305) 223-2533 to learn more about what we can offer you.