Vigilant Blog

News, trends and analysis in employment law, HR, safety & workers' comp

Mar 30, 2021

Pssst! The secret to lowering workers’ comp premiums

Featured Worker’s CompSafety and HealthWorkers’ Comp 

Dear Washington Manufacturer:
Lowering workers’ compensation costs is a desire I hear from most of the companies I work with in Washington State. There are a lot of steps a company can take to do this that require sophisticated data analytics as well as the ability to interpret and put them into action.

The most impactful way to lower workers’ compensation costs, the secret ingredient if you will, is to prevent injuries in the first place. My team and I spend all day everyday doing just that with hundreds of companies just like you. Read on for three key things I have learned over the years:

  • Culture of care: At its core, safety is about caring for and serving others well. When a company commits to preventing accidents, injuries and illness, it improves the quality of life of its workers creating a ripple effect that carries into personal lives, communities and beyond. Injury prevention becomes sustainable when the commitment of leadership is shared by the entire organization. Being a safety leader does not require a title; it does require care, knowledge, courage and dedication.
     
  • Compliance is only part of the story: Keeping workers safe is about more than knowing and applying OSHA and WSHA codes and avoiding citations. While this is crucial, sustainable injury prevention is both a shared commitment to look out for the person next to you as well as to record, analyze, share and positively impact injury and near-miss trends. The companies who are the most successful at both often have a safety expert on staff or a trusted partner they rely on to provide an objective point of view. This allows them to not only understand where and when accidents happen, but also how to prevent them.
  • Safety and productivity go hand-in-hand: It will come as no surprise that a safer workplace is generally a more productive workplace. Employees not missing work for injuries leads, not only to better business outcomes, but also better morale. A safer workplace equals fewer workers’ compensation claims which equals lower premium and higher retro refunds.

As Vigilant’s Safety Manager, these points are a way of life and we put them into practice every day in serving our members. If you’re interested in learning more, please contact us.

This website presents general information in nontechnical language. This information is not legal advice. Before applying this information to a specific management decision, consult legal counsel.

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