Every employer knows how critical it is to carry workers’ compensation insurance. The expense to your business, and possibly your family, could be catastrophic if an employee is injured on the job. But purchasing insurance and maintaining a policy can be expensive too, and you want to be sure you are getting your money’s worth from your plan. Here are three ways to maximize the impact of your workers’ compensation insurance policy, and help your employees in the process.
1. Identify Your Most Common Claims
Identifying the common causes for claims can allow you to increase safety measures and training programs that are specific to your workplace. Keeping your workplace safer, and providing extended training for your employees, may lower accident rates and in turn lower your insurance costs.
2. Develop a “Recover at Work” Program
In the event that an accident occurs, developing opportunities for employees to return to work faster can lower the cost of claims. Consider creating some new job categories that can be filled by employees recovering from an accident or injury.
3. Maintain a List of Local Healthcare Professionals Who Understand Workers’ Compensation
Being able to provide a list of local doctors and medical providers that understand the workers’ comp process and are familiar with your insurance carrier can provide better treatment for your employees.