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Workers’ compensation insurance benefits are available to employees who are injured or become ill as a result of a work-related incident. If one of your employees is injured on the job and is medically authorized to take time off from work, he or she will be reimbursed for lost wages—typically a percentage of regular wages—and all of the medical expenses related to the treatment and rehabilitation.
There are many ways for you to control workers’ compensation costs for your small business. The most important is to convince your employees that maintaining a safe workplace is vital and will consequently reduce your insurance costs. Below are some other ways to control costs.
Implement a return-to-work policy in which employees work modified duty until they are fully healthy to do their jobs.
Understand the elements that contribute to your workers’ compensation costs. Your classification codes, experience modification, company growth, and company acquisitions can all affect your premiums. It is vital that you understand the impact that each brings to your overall pricing.
Orient and train your employees on safe practices necessary for their job functions and tasks. Once training is complete, ask new employees to sign an agreement confirming that they understand company safety procedures.
Insist that employee claims are reported promptly, as statistics reveal that for every week that a claim goes unreported, the cost can increase as much as 50 percent.
Investigate the cause of injuries and illnesses. While one injury may be behind you, others will take its place unless you do something to reduce the chance of the incident occurring again. Also, ask the injured employee how the situation could have been prevented.
