There are a lot of factors that go into determining what your business’s workers’ compensation rates will be. But the simple truth is this: the more claims your employees file, the higher your rate will be.
Fortunately, there are two strategies you can follow that will limit the amount of time and money you spend dealing with workers’ compensation claims.
Loss Prevention Strategies
They say that prevention is the best medicine. That holds true for workers’ compensation management, too! Here’s a quick list of actions that you can take to reduce the risk of workplace injuries, and, therefore, claims:
Provide safety training programs
- Create employee safety manuals
- Clearly establish workplace safety guidelines
- Undergo regular workplace inspections
- Implement drug-free and drug–testing programs
- Implement injury reporting procedures
Cost Containment Strategies
In the State of Ohio, if a company has a better safety record than the average company of their industry, the company may qualify for what’s called a group rating program.
In essence, all this does is gives a group of companies with good safety records the opportunity to qualify for workers’ compensation rate discounts. In some cases, companies can qualify for discounts of 50% with the group rating program.
If you’re not taking advantage of these strategies, the time to start is now. And if you’re not sure where to begin, give us a call at 330-659-0100 today.