According to OSHA, there are over 4.1 million workplace injuries in the United States each year at a cost to employers of about $155 billion. There is no doubt workers’ compensation is a big expense for employers.
Is your insurance broker doing the following things to help you reduce workers’ compensation costs?
- Search the market for options and program designs that fit the individual needs of each employer.
- Help build a bridge between the insurer and business.
- Educate employers about how workers’ compensation works.
- Work with employers in the development of a safety program.
- Analyze all classifications to make sure they are correct.
- Help the company prepare for the workers’ compensation premium audit.
- Provide the framework for an early return to work program.
- Help the company review accidents and claims to determine trends and then create safety solutions.
- Facilitate a claims’ review with the insurer to make sure all claims are being processed correctly.
- Be a resource to the business by bringing in other service providers to solve problems; i.e., attorneys, safety professionals, and third party claims consultants.
Workers’ compensation is an important part of your business insurance program. It is required by state law that your business carries workers’ compensation insurance.
As a business owner you go to great lengths to provide a safe working environment for your employees. Workers’ compensation continues to be a significant cost driver for most employers and understanding all the factors that can drive your workers’ compensation cost can often be complex and time consuming.