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Ten ways to reduce your workers' compensation costs

  • Enact a return to work program appropriate for the employee’s limited work abilities.

  • Conduct pre-employment, post accident and random drug testing.  

  • Implement a robust safety program that starts with initial new hire training, is followed up on a regular basis, and places the burden of accountability on the line managers. These programs are not very effective unless senior management emphasizes the strategic importance of these programs to the organization as a whole.

  • Verify the accuracy of the mod computation – mistakes are more common than you think!

  • Report and manage claims promptly.
     

  • Consider carrying a large deductible and pay smaller claims. This will vary by state depending on whether you are in a gross or net reporting state.
     

  • Review claims with your claims handling administrator on a regular basis for a certain claim threshold (i.e. claims greater than $10,000).
     

  • Be aware of tasks that seem to repeatedly cause injuries and change the nature of these tasks. If possible, rotate employees through jobs presenting the greatest risk of repetitive motion injuries.
     

  • Understand the true cost of your firm's losses. This can be accomplished through analyses such as those provided with our ModMaster program.
     

  • Implement a company wide rewards program for reduced claim frequency.


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