Feb 13, 2024Special Event Liability Insurance Best Practices
How Contractors Can Reduce Workers’ Compensation Claims Costs
Workers’ compensation claims have always been the bane of contractor operations. High claims costs, workers missing time, and damage to a company’s reputation can keep them from getting new clients or re-signing previous ones. The best way to reduce injuries and illnesses and associated costs is to be proactive.
Workers’ compensation costs can stack up quickly, but keep an eye on the resources that are available can help reduce costs for skilled trade companies. One way in which claims costs can go down is by setting up a comprehensive safety program that can improve the safety and well-being of employees while also cutting costs associated with workers’ compensation. Here are some ideas:
Choose the Right Insurance
It’s important to field the many different artisan contractor insurance options that can help a business operation when it comes to workers’ compensation. If a state has a competitive market, as most states do, then it would probably be best to check with different companies about monthly rates as well as what they offer. If one company is cheaper than another, it may be best for a contracting company’s bottom line but it may also mean that the coverage just doesn’t cover enough of what is needed.
Comply With OSHA Standards
Companies with well-developed programs that are OSHA-compliant end up having fewer accidents and more productive and safe employees. This isn’t just a requirement for general industry. OSHA standards can help give business owners the right guidelines for incident reductions as so many accidents are the result of poorly trained and developed safety programs and lack of knowledge.
Follow Up on Injuries and Illnesses
It’s important to document everything that takes place on a worksite, including injuries and illnesses that befall employees. After an injury has occurred, there are things that can be done that will affect workers’ compensation insurance costs, like an artisan contractor insurance program. Always make sure that the affected employee has received the right medical attention and be sure to adjust their duties when they return to work. These are a couple of ways in which employees who are injured can feel supported about coming back and can help prevent future injuries.
As mentioned above, training employees isn’t just related to their role and responsibilities. Safety should be an across-the-board standard for everyone who works on site. Training plays a major role in boosting safety and accountability while also reducing workers’ compensation claims and costs. The most effective way to reduce injury and illness in the workplace is to have the right health and training program that promotes safety.
These programs are designed to teach employees about recognition of and prevention of dangerous or unhealthy working conditions and have been successful in reducing injury and illness. It’s also important to review these programs on a regular basis to make sure they are still relevant and effective for employees.
About Tangram Insurance Services
Located across the Golden Gate Bridge, just outside of San Francisco, Tangram Insurance Services is a full service Managing General Underwriter and Program Manager offering specialty programs. We focus on industry-relevant coverage, competitive pricing, and practical business and risk management solutions for your clients. Since we are not all things to all people, we make sure to create outstanding custom-built solutions that matter to those businesses, and the brokers who serve those industries. Contact us at (888) 744-9810.