Steps For Reducing Workers’ Compensation Costs

Prevent Injuries and Associated Costs at Your Company

The best way to reduce injuries, illnesses and associated costs is to be proactive. Workers’ Compensation costs can really add up, but by paying close attention to the tools and resources you already have at your disposal you can reduce costs for you and your skilled trades employees.

Here are some ways you can design a solid safety program that can improve the safety and well-being of your employees while also reducing your costs associated with workers’ compensation:

1. Develop programs endorsed by OSHA standards. It’s well documented that companies with well-developed, OSHA-compliant programs have fewer accidents and more productive employees. It’s not just a requirement for general industry. The OSHA standards can give you good guidelines for incident reductions. So many accidents result from poorly developed, trained or implemented OSHA programs.
2. Make these programs standard operating procedure. Integrating these programs in to the daily operation of your company is a crucial step in reducing workers’ compensation costs. Simply putting a program on paper won’t get you the results you need. It’s important that every area of your company carry through with the OSHA-compliant programs you have in place. 
3. Investigate and document. Any company runs the risk of increasing claims driving up their insurance costs. Make it a priority to do due diligence when investigating any illnesses or injuries. Maintain contact with the employee, their medical provider or any other party involved. Keep records of all documents and give the injured employee a copy as well. 
4. Educate and train your employees. Training plays a significant role in safety and in reducing workers’ compensation costs. The most effective way to reduce injury and illness in the workplace is to create a thorough safety and health education and training program. These programs are designed to train you and your employees in the recognition, avoidance and prevention of dangerous or unhealthy working conditions and have been proven successful in reducing injury and illness. Ask your Tradesmen International representative about our OSHA-10 training availability. 
5. Follow through with a post-loss objective. After an injury or illness has occurred, there are things you can do that will affect your workers’ compensation insurance costs. Make sure the affected employee received medical attention and adjusting their duties upon their return to work are good ways to help the employee return to work as soon as possible and helps prevent future injuries. In addition, make sure you file injury paperwork promptly, as there are fines for delaying. 
6. Regularly review your safety programs. Once these programs are developed and in place, they should be reviewed on a regular basis to make sure they are still relevant and effective. 
7. Hire a risk management company. While managing risk is important, construction companies often turn to a team of experts in this field to assist with this task. A full-service risk management firm can put a comprehensive shield around your organization, absorb risk on your behalf, and minimize workplace injuries.

From maximizing workforce productivity, reducing challenges to find qualified skilled craftworkers, to minimizing risk  and costs associated with workers’ comp, Tradesmen International stands prepared to support your efforts. Find the skilled craftworkers you need today!