Worker’s compensation insurance can take a large chunk of your operating budget. Luckily, lowering workers comp premiums is within your reach. Consider these three things you can do today to help keep rates affordable.
1. Screen New Employees
While labor laws may restrict what you can and can not ask new hires, you are generally within your rights to perform a comprehensive screening of each potential employee. Request a background check and pre-employment drug panel if it is allowed. Checking social media accounts can also help give you some insight into potential behavior issues.
2. Institute a Safety Policy
Comprehensive training for all employees (new and existing) can significantly reduce workplace accidents and injuries. Provide updates as necessary to ensure everyone is current on proper procedures. In many cases, safety goes beyond training. Look into incentive programs and contests to encourage safe behavior among workers.
3. Streamline Reporting Processes
Accidents can happen in even the safest workplaces. That is why the process to report one should be straightforward and available to every employee. Make sure everyone knows exactly what to do after an accident or injury.
Proactive employers will find that it is possible to lower workers’ comp premiums with careful planning. Conducting pre-employment screenings, instituting a safety program, and making reporting clear and accessible can help.