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For anyone owning a company, workers’ comp insurance is an inevitable necessity. But by learning how the system works, your company’s benefits managers will be able to comfortably have a handle on what you are paying for, what affects your annual premium, and how to better manage and plan for unforeseen events. Over the next few blog posts, we'll discuss five proven ways to help construction executives reduce their workers’ compensation costs. Here’s our fifth and final suggestion for this series:

5. Build a strong "back to work program"

Companies with comprehensive "back to work" programs can minimize or eliminate lost-time claims by bringing an injured worker back to work as soon as it is practical. It shows the employee that they are valued and can still be productive in another capacity on the job. Fostering this feeling can help increase retention thus reducing costs both on insurance and recruitment.

As part of this program, identify activities that injured workers can do within the organization to bring them back as they heal, and help the employees identify additional skills they possess to fulfill needs of the organization. It has been found that injured employees recover faster if they are at work, making these programs a win-win situation. Insurance agents can help employers with appropriate work activities based on any doctor's restrictions. An insurance agent is there to help you and should be an active partner in this process. It is important to find a trusted advisor to provide employees with the best possible resources to get them back to work.

Workers comp insurance is the only insurance that a company and its agent can control. For this reason, it is crucial that all parties pay very close attention to its workers' comp insurance in order to minimize errors, overcharges and reduce unnecessary headaches.

To summarize, here is what a good process looks like:

• Confirm each employee is classified properly
• Develop a process that jumps into action when an employee suffers an injury
• Develop a process that manages, not monitors, claims
• Validate the experience modification for accuracy
• Build a strong back to work program

A consultation with a trusted insurance advisor will help you assess your workers' comp insurance set-up and assist you in outlining a plan moving forward. These simple steps will save time, money, and have a real impact on gaining the support of your company's employees.

Written by Nick Oates
Workers Comp Specialist

Posted 9:00 AM

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