Wouldn’t it be great to this the year you decrease your Workers Compensation insurance costs? Now is the perfect time to tune up your WC program to experience cost-savings.
Take some time to look at your current program to see if any areas need to be updated or can be improved.
Here are 6 tips for tuning up your Workers Compensation program:
1- Improve Safety
Improving workplace safety will have the biggest influence on your WC costs. A safer workplace means fewer injuries, fewer claims, and lower WC costs. Here are some tips:
- Look for ways to improve your safety training
- Review the current members of your safety committee. Are they still the best people for the job? Are there any gaps?
- Schedule work-site evaluations and safety inspections for the year
- If you’ve acquired any new equipment or created new jobs, update your safety manual
- Review all of your safety communications including posters and brochures to make sure they are up-to-date and that they’re doing the job. HINT: There are many resources online - such as OSHA and the USDA– that offer free safety materials.
2 -Report Claims
Insurance claims should be reported the same day the accident occurs to allow WC claims adjusters to investigate the accident properly and establish compensability. Quick reporting will enable adjusters to control the course of the WC claim better.
Take a look at how quickly accidents within your company were reported this past year. If you see that it took more than a day to report any claims, review your claim reporting procedures with all managers and supervisors, and explain why prompt reporting is imperative to the quick resolution of WC claims.
3 - Keep in Touch with Your Injured Employees
You might be surprised to learn how much of a difference this can make in resolving WC claims more quickly and amicably. Let your injured employees know that your company cares about their well-being and that they are an essential part of your company’s workforce.
Here’s how:
1) Contact the injured employee the day of the accident to see how they’re doing
2) Contact them two days after the accident to make sure they understand WC procedures and to answer any questions they may have
3) Invite them to all work functions, so they continue to feel like a part of the team
4) Meet with injured employees weekly to monitor their progress
4 - Improve Your Return to Work Program
It’s impossible to deny the benefits (for both employee and employer) of getting injured employees back to work as quickly as possible, whether that means returning to regular or light duty. Your goal should be to return at least 95% of your injured employees to work within 1 to 4 days after their injury.
Take some time to determine light-duty jobs that a recuperating employee may be able to do. Then, when an employee is injured, make sure that you give the medical provider a complete job description, so they can add any added restrictions.
5 - Stay Current on All WC Insurance Claims
We already stressed the importance of keeping in regular contact with an injured employee to monitor his or her progress, but it’s also important to stay in touch with the claims adjuster to discuss the injured employee’s recovery progress, return-to-work status, and any permanent partial disability, which will require a modification to the employee’s job description.
6 - Fight Workers Comp Insurance Fraud
Make sure your employees are aware of the consequences of WC fraud. Post anti-fraud posters throughout your facility, start a fraud hotline for other employees to report suspected fraud anonymously, consider offering a reward to anyone who provides information that leads to a criminal conviction, and always report any suspicious claim to the Special Investigations Unit of your insurer.
Ready to Save? Let’s Tune Up Your WC Insurance Policy!
This is a great time to review your WC policy for potential opportunities to save while getting better coverage. American Insuring Group specializes in Workers Compensation Insurance and will help you get the right insurance at a great price.
So give one of our experienced independent agents a call at (800) 947-1270 or (610) 775-3848 or contact us online.
We’d love to help you make this the year you lower your company’s Workers Comp costs!
