4 Effective Ways to Reduce Workers’ Compensation Costs

As an employer, one of your priorities should be to keep your employees safe and reduce your workers’ compensation costs. A safe work environment will allow your employees to focus on their work and be as productive as possible at all times. It also proves that you have their best interests in mind and will do what needs to be done to protect them.

Here are a few ways in which you can keep your employees protected while also reducing your workers’ comp costs.

  1. Create and Implement a Safety Program

    One of your first tasks when it comes to maintaining a safe workplace is to set up a safety program. Safety programs help identify potential problem areas in the workplace itself. They also involve training sessions and incentives that will allow employees to see their progress when it comes to reducing their risks and keeping others safe and protected while on the job. For example, training programs can include first aid, tips to clean up spills, understanding MSDS sheets, and lock-out/tag-out procedures.

  2. Encourage Employee Participation

    In order to establish a quality safety program, you will have to follow a few steps in the process. One of the first steps is to meet with your employees and include them in the creation/implementation of the safety program. They can help you identify problem areas within the workplace that need to be improved. Find out what training they would like to have to do their job more efficiently and solve potential problems.

    Ask them what type of incentives could be used to encourage safer business practices. Giving your employees a chance to offer their suggestions and recommendations will make them feel as if they are part of the process and that their opinions are valued.

  3. Create a Suitable Return-to-work Program

    A “return-to-work” program will help employees who are injured on the job to return to work much faster, allowing them to get back into the swing of things while they are still healing. It will also enable them to receive additional training if they have to return to work in a position other than the one they held before their injury. The sooner an employee can return to work, the more likely they are to avoid depression and the feeling that they are not doing all they can to be an asset to the company.

  4. Join a PEO (Professional Employer Organization)

    Joining a PEO or professional employer organization will help you learn new ways to keep your employees engaged as part of the team. You will also learn to improve your existing safety program and provide your employees with the benefits and programs they deserve.

Creating a safe work environment and reducing your workers’ compensation costs are priorities that should not be overlooked. Talk to your employees and keep them engaged. It’s also a good idea to work with your insurance agent. At Premier Risk, LLC, our agents understand the importance of safety in the workplace and are always ready to lend a hand to help you put in place a safety program that you and your employees can benefit from. Contact us today to learn more!