Workers Compensation Tips That Every Employer Should Know

Running a business contains many essential lessons, and there are workers' compensation tips every employer should know. Likewise, you must know the legalities associated with running a business. Similarly, managing employees also means they may need some benefits. One of those benefits includes workers' compensation.

Workers' Compensation Tips To Know

But what do you need to know? You can apply some workers' compensation tips to protect yourself and your interests. Of course, knowing exactly what could pose a danger to your company is vital. 

Manage Your Risks 

Someone in the company must be responsible for loss control and the management of workers comp claims, including establishing and enforcing methods to help keep workers safe. This individual will also likely handle the medical management of claims and return to work protocols for injured employees. Even if you are not legally required, consider establishing safety committees and other programs that can lead to unsafe workplace conditions. It can be very effective in limiting accidents.  

Take Advantage of Savings

There will be savings available. Moreover, it varies depending on the size of the business. Smaller businesses may gain a credit of 5-15% when there have been no lost-work-time claims throughout a specified time frame. Sometimes there are premium credits for drug and alcohol-free workplace and safety programs. You can also inquire about discounts if you hire a professional risk management firm to assist with your safety program.

Make Sure Your Premium is Adjusted Correctly 

Make sure your premium is correct. Likewise, it is wise to ensure the insurer's payroll computation figures for overtime pay and allocate the payroll of various employee types accurately. If any employees drive for business, secure commercial auto insurance as part of your protection plan.  

Raise Your Deductibles

You may find an option for medical deductibles in workers comp insurance policies that work as a cost-saving measure. Deductibles can often entice employers to enforce more robust safety protocols. 

Try to Avoid Assigned Risk 

Reducing claims is the optimal way to stay out of the state's assigned risk plan. You can ask your agent to check on your status. 

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we help our clients decide which of these options is best for them based on their current situation and risk factors. Contact us at 1-855-977-1842 or insureme@dsayles.mysites.io for a consultation!