Workers’ compensation insurance is an essential part of any business, especially in the trades. Ensuring that your employees are protected in the event of injury or illness from the work they do is crucial. But what if I told you that there is a way to save money on workers’ compensation premiums?
By implementing a “return-to-work” program, you can lower your workers’ compensation insurance premiums. How, you may ask? Let’s break it down.
Put Together a Safety Plan to Prevent Workplace Injuries
The best way to save money on workers’ compensation insurance premiums is to prevent workplace injuries from happening in the first place. Invest in developing and implementing a safety plan for your business. With the best-laid plans still accidents can happen, and by having a safety plan you can reduce the chances of injuries while keeping your employees work environment safe.
Provide Modified Duties to Injured Employees
Inevitably, accidents can still happen, but what then?
It is important that when one of your employees is injured, they feel like they are still a part of the team. A return-to-work program can help injured employees get back on their feet by providing modified duties. This ensures that your team members can perform tasks within their physical capabilities while they recover.
For example, if you’re a plumbing company and one of your workers suffered a back injury, they can return to the office, and instead of performing their typical duties, they can help with administrative tasks, such as filing paperwork, answering phone calls or diagnosing problems over the phone to help your team in the field.
Maintain a Positive Relationship with Injured Employees
Another benefit of a return-to-work program is that it helps maintain a positive relationship with injured employees. Extended absences can create feelings of isolation and make the employee feel like they are being forgotten. By keeping them involved in the workplace, they’ll feel more connected to their work and ultimately less likely to look for other opportunities.
Reduce Chance of Permanent Work Disability
Not only do return-to-work programs cut down on direct costs, but they also have some added indirect benefits. These programs reduce the chances of permanent work disability. It is well documented that the longer an employee is away from work, the harder it is for them to return to work permanently. By keeping them engaged and involved, employees are less likely to develop permanent disabilities, subsequently reducing the chance of permanent disability claims.
Seek the Advice of Risk Management and Commercial Insurance Experts
Sometimes businesses cannot do everything themselves. When seeking advice on workers’ compensation and return-to-work programs, it would be wise to consider speaking to risk management, commercial insurance and other experts. These individuals can provide valuable insights and customized solutions that suit the particular needs of your business.
Invest in the Future of Your Business
Finally, investing in a return-to-work program, modifying duties and developing a safety plan is investing in the future of your business. Not only are you preventing injuries, but you’re also maintaining a positive relationship with your employees while reducing costs.
Implementing a return-to-work program can be a game-changer for your workers’ compensation insurance premiums, as well as maintaining positive relationships with injured employees.
Investing in a safety plan and modifying duties can prevent workplace injuries from happening, while the risk management and commercial insurance experts from The McBride Agency can provide customized solutions for your specific business needs. Use the links below to let us find the right plan and coverage for your business!
