The Wright Agency - July Expert Article

Workers Compensation Insurance rates can be lowered with planning and guidance from a Professional

State laws require employers to carry workers compensation insurance, which provides a benefit to injured workers.  Benefits required by statute are paid to an injured employee when the injury or illness arises out of and in the course of employment.  In return, state law protects the employer by making workers compensation insurance the sole remedy to an employee for her / his injury or illness.

Workers comp insurance costs are a frequent topic of thought (and sometimes, angst) for business owners and managers because of the impact it can have on profitability.  However, there are steps that can be taken at a business to improve costs, whether a small restaurant or other business on Main Street, or a manufacturing facility in the industrial park.  While their costs may be exponentially different, the strategies to improve safety and control costs are similar.

First, create a culture of safety by developing and documenting a safety program.  Walking the walk of safety first shows your employees that you value them and their health.  It promotes employee retention by improving workplace safety and reducing turnover.  Developing a culture of safety will attract talent that appreciates your environment and, generally, will lead to fewer injuries and missed workdays.

Second, promote a drug-free workplace.  With the increase of recreational drug use, it’s becoming questionable if a drug-free workplace is possible.  However, study after study shows that a drug-free workplace promotes safety with fewer injuries to employees and co-workers, leading to improved productivity for businesses.  Being a drug-free workplace can have an immediate impact on insurance costs.

Third, develop a return-to-work program.  Injured employees that are engaged in an alternate role for which she / he is cleared by a medical provider improves overall morale and often leads to a quicker recovery (and reduced long-term costs).  Some insurers even have programs in which the injured employee can work for a local non-profit during recovery, allowing you another way to indirectly invest in your community. As with the safety program, the RTW program should be documented and shared across the organization with clear communication of its purpose.

We have resources to assist you with each of these steps, starting with a review of your current programs and circumstances and building from there.  Many professionals only provide a policy, and some will even strive to get you rates based on averages for your industry.  We find that our clients want to be better than average in their operations, so we work to get insurance rates that are also better than average to help improve your bottom line.  

Contact us to plan a time to talk and start your journey to a better workplace that is safe and healthy, and to better profitability.  Schedule a Call   678-568-6871

jason@the-wright-agency.com  Socials - @JasonWrightAgency www.the-wright-agency.com 

Footnote - This is not to be construed as legal advice and is a generalization of the topic discussed to illustrate certain points.