If it weren’t such a serious issue we would have to chuckle a bit when we hear business owners ask if they can save money on workers compensation insurance coverage. You may already be wondering why in the world we might find WC issues funny. In truth we don’t. What does bring a smile is the number of times we have heard the question. The big thing to ask yourself if you ARE that business owner looking to save money is how would you save money on your auto insurance? The short answer is by taking appropriate preventative measures!

The very first thing you should consider when looking to reduce your workers compensation costs is whether you have a well oiled safety program in place. Reducing on-the-job accidents can help to reduce your workers compensation costs and exposure. Having a properly planned and executed safety program is instrumental in achieving such reductions. Workers compensation premiums directly reflect the number and types of injuries. This means that the right safety program can lead to a direct drop in premiums.

No matter how large or small your business, one person should take on the role and responsibilities involved in overseeing your safety program. This individual, whether you refer to them as your safety officer or manager should be responsible for and capable of educating and training your other employees as well as being able to keep them motivated in helping the safety program succeed. Remember, a good number of on the job injuries can be directly linked to unsafe behaviors on the job. That being said your safety office should ensure that employees are operating in a safe manner.

Instituting a properly planned and executed training program will be instrumental in getting your safety program off the ground. You should include SOPs (standard operating procedures) that detail how potentially dangerous situations should be handled whether they involve burns, falls, etc. These should be introduced during the new hire process as well as being covered occasionally as mandated training. Inspections, accident investigations, prompt and proper first aid and a return to work program will all help to further your safety program.

Keep in mind that your insurance provider reserves the right to inspect your place of business in order to determine whether proper safety measures have been put into place. That being said, safety will require the whole team rather than just being the job of the safety officer. OSHA – the agency that oversees the mandates set forth in the Occupational Safety & Health Act – offers many different training publications, services, consultation and more some of which can also help to update you on potential insurance requirements.

If you are serious about wanting to do your part to lower your overall workers compensation coverage costs it would behoove you to take a close look at your safety program. Wondering if your current program can help out? No problem! Give us a call and let The Hoffman Agency show you how you can reduce your costs AND get the coverage you need.