How to Save big on your Workers Compensation Premium

Workers Compensation Premiums provide protection for workers, and their employers, from the risk of injury or death caused by work-related accidents or disease. This article will go through a few tips on how you can save on your Workers Compensation Premium and make sure your injured emplees get back to normal duties as soon as possible.

Identifying possible suitable duties

When it comes to saving on workers compensation premium insurance, one of the best things you can do is identify possible suitable duties for your employees. This can help to lower your overall risk, and in turn, help to lower your insurance premiums. Of course, it’s important to make sure that any duties you do assign are within the capabilities of your employees and are safe for them to perform. But if you can find ways to lower your risk, it can lead to big savings on your workers compensation insurance.

Make sure your not paying for your Sub Contractors

As a business owner, it’s important to make sure you’re not overpaying for your workers compensation premium insurance. One way to do this is to make sure you’re not paying for your sub contractors.

If you have sub contractors working for you, they should have their own workers compensation insurance. You should not be paying for their insurance premiums.

FocusIMS provides an area to actively manage subcontractors including following up on insurance certificate of currency expiring.

Communication is the key

When an employee gets injured communicating with the employee and ensuring they get the treatment they need as quickly as possible improves your chances of getting the worker back to work quicker.
Communicate with medical and treatment providers, supervisors and the insurers cas manager to establish expectations for time frames for return to work then follow up on fortnightly medical certificates for progress to normal duties. This may look like increasing time at work, increasing weight limits or reduced treatments.
When the injured worker is back on full duties follow up with the insurer to get the claim closed- their is normally estimates that are included in your premium calculation until the claim is closed.

Managing your incidents

When it comes to workers compensation premium insurance, the best way to save big is by managing your incidents. By keeping track of your workplace injuries and accidents, you can identify areas where improvement is needed. This will help to reduce the number of claims made against your policy, and in turn, lower your premiums.

When it comes to managing your workers compensation premium insurance, every little incident counts. That’s why it’s important to have a plan in place to manage any incidents that occur in the workplace.

Here are a few tips to help you save big on your workers compensation premium insurance:

1. Make sure you have a clear and concise incident reporting policy in place. This will ensure that all incidents are properly documented and reported in a timely manner.

2. Investigate all incidents thoroughly. By taking the time to understand the root cause of each incident, you can implement process improvements to prevent future incidents from occurring.

3. Take corrective action when necessary. If an incident does occur, be sure to take corrective action to prevent it from happening again. This could include retraining employees, implementing new safety procedures, or making changes to the physical work environment.

By following these tips, you can manage your workers compensation premium insurance and save big in the long run!

Thease can be managed efficiently in FocusIMS. We’ve included a couple of screenshots so you can get an idea about the infomration collected

Request your cost of claims from your insurer

If you’re looking to save money on your workers compensation premium insurance, one way to do so is to request your cost of claims from your insurer. By doing so, you’ll be able to negotiate a lower rate based on your claims history. This is just one way to save money on your workers compensation insurance; be sure to explore all your options in order to get the best possible rate.

Setting Objectives

Setting objectives around number of injuries and lost time. Keeps it front and centre for all staff to work safely and best managing workers when they are injured to get to work safely.

FocusIMS can simplify managing your business to reduce your workers compensation premiums.

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