Reduce Work Comp Costs

by Shelley Robinson

Four Ways To Protect Your Business

When you think of insurance, what generally comes to mind? Home, auto and life insurance are common forms of personal insurance protection. But how do you protect your employees and your bottom line?

Enter workers compensation coverage. Much like other lines of insurance, work comp also serves to protect. Traditional work comp coverage provides wage replacement and medical benefits for those injured on the job.

Managing costs is important to you. Taking some simple steps can impact your work comp premium and add value to your policy. If your workplace is already injury-free, you can keep a lid on your premium, and if you’ve had losses, you can get back on track.

Although work comp can be complex, with complicated formulas for measuring losses and sophisticated techniques for managing claims when they do occur, there are four ways you can reduce work comp costs starting today:

1. Get to know your agent.

Independent agents bring great value to the partnership between policyholders and insurance companies. They’re a one-stop shop for all your insurance needs and they advocate on your behalf. Make sure you’re utilizing your agent’s helpful advice.

2. Choose your carrier wisely.

The benefit in work comp comes when you select a carrier that’s a partner invested in the success of your business. When that happens, work comp becomes an advantage, one that protects your employees and your bottom line.

3. Prevent injuries.

Injury prevention starts by promoting workplace safety. Important resources include Loss Prevention Consultants, seminars and custom training. Some carriers offer these resources for free.

4. Manage claims costs.

Experiencing claims in your workplace can be confusing, frustrating and expensive; however, it does not have to be that way. With medical costs on the rise, it is crucial that you manage your claims costs effectively. This includes reporting all claims promptly and establishing a transitional duty return to work program.

Shelley Robinson (srobins1@mem-ins.com or 573.449.4124) is the Marketing Communications Specialist at Missouri Employers Mutual, Missouri’s No. 1 provider of workers compensation insurance. MEM can help you eliminate injuries and reduce your work comp costs. Visit www.worksafecenter.com for your workplace safety needs.