Reducing workers’ comp premiums takes a team effort
Reducing Workers' Comp Premiums is a Team Effort
Your company is probably paying thousands of dollars every year for workers’ compensation insurance through the Department of Labor & Industries. If you’re serious about reducing those expenses, then stop considering that annual premium to be just another cost of doing business. Focus on the things impacting those costs and you can reduce premiums and save that money for operations improvements, employee pay, hiring, and investing in better ways to run your business.
Your leadership team is crucial to reducing your costs. Do your supervisors and managers understand how workers’ comp premiums are calculated, and are they held accountable for your company’s claim losses? Here are three things your team can do to put the focus on cost and accountability:
- Conduct regular upper-level management and executive reviews of loss data and injury trends;
- Add workers’ comp costs as a budget line item for supervisors and managers with profit and loss responsibilities;
- Hold regular meetings to determine why injuries are occurring and how they can be prevented.
Communication is the Key
It’s often the most difficult employees who file the highest cost, longest lasting claims. Supervisors have an important role to play in managing employee behavior and performance. In addition, communication and engagement with an injured employee after a claim is filed can be the most critical role of all. Encourage good communication to ensure that injured employees are working within medical restrictions and getting the treatment they need to get better.
Need help training your supervisors on their role managing your company's claim losses? Vigilant's claims and safety teams have tools available to provide education and help encourage engagement. Let us show you how to make reducing your premiums a team effort.
Your Vigilant Team
As a member of Vigilant’s Workers’ Comp Retro Group, you will have access to a team of safety professionals, claims managers and employment attorneys passionate about preventing injuries and reducing the costs of premiums and claims. Stop and think how much your workers' comp premiums are costing your company. Then do something about it. Contact Vigilant today.
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