9 Ways You Can Control Workers’ Compensation Costs
As a small business owner, it is important to monitor and control day-to-day operating costs. When it comes to a company’s workers’ compensation insurance, there are a number of factors that will affect the premium. Below are 9 tips a small business owner can implement to help control workers’ compensation insurance costs:
- Provide focused safety training for managers and employees with an emphasis on active participation from employees and a commitment by managers.
- Develop a written policy that deals with toxic substances in the workplace and provide it to employees who work around toxic chemicals.
- If an accident does occur, report it and then investigate it. Workers’ compensation fraud can cost a business money in the long run by impacting the business’s losses which results in increases to the workers’ compensation insurance premium.
- Confirm that injured workers are not independent contractors or subcontractors. Those types of workers may not qualify for workers’ compensation coverage through the policy of their client, the small business.
- Be as accurate as possible when filing a workers’ compensation claim, paying close attention to key components such as “who, what, when, where, and how.”
- Develop a written return-to-work policy which establishes standards for employees concerning when and how to return to work after an injury is sustained.
- Request an independent medical examination (IME) to make sure that the injured employees receive quality care and recover in a timely fashion.
- Stay up-to-date on case status by remaining in contact with your insurer, treating physician, and claim administrator if any.
- Compassion and open communication go a long way towards reducing resentment and retaliation. 1