February 18, 2011
As a small business owner, you know that keeping the doors open often involves finding ways to cut the cost of business without cutting the quality of your product or service. Employee benefits can be a tempting target, but resist the urge to scrimp or intentionally miscalculate wages or job classification on your workers compensation insurance. Parts One and Two focus on saving money on workers compensation by focusing on properly managing policies and by practicing proactive safety measures to prevent claim losses. A third, frequently overlooked way to save on workers compensation insurance is to manage any claims you do have.
Manage Workers Comp Claims for Affordable Premiums
Part of your workplace safety program should include educating and encouraging employees to report any on-the-job injuries immediately to management so that the claim can be filed promptly with your workers compensation insurance company. Involving your insurance company early in the process gives your agent an opportunity to provide any guidance and advice that may lessen the impact of the claim on your premiums.
Another way to save on workers comp insurance by managing claims is to develop a back-to-work-fast program. The longer an employee is away from work, the more it costs your small business, both in lost productivity, wages to any temporary replacement employee and potential increases to your experience modification rate. Statistically, the longer an employee is away from work, the less likely he or she will ever return to the work place. Prolonged unemployment due to injury has a negative impact on mental attitude that can be costly on a personal level and to your business. Actively encourage injured workers to return to the workplace by providing safe, alternative assignments that let them earn while they return to full capacity. You can also create a company culture that supports the employee's rehabilitation efforts. Showing that you value the employee and want him or her back on the job operating at 100% is a morale booster for your entire company.
Don't leave the claim management to your insurance company. Be proactive in follow-up on claims until they are resolved.
Read Part One and Part Two of this series.
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