As an employer, it is essential to carry workers' compensation insurance. In most states, it is required to carry workers' compensation insurance. How can you keep your premium lower? Here are four strategies for keeping your worker's compensation premium affordable.
Strategy #1: Offer New Employees Incentives for Learning Safety Protocol
When you hire new employees, don't just offer safety training. Offer incentives for new employees to learn all of your business's safety protocols and implement them. Ensure that the rewards you are offering are motivating for new employees. For example, you could offer an extra day of PTO for completing the training material within a certain amount of time or an extra day of PTO for not having any safety issues during the first thirty days of their employment. You need to have your employees on board to create a safe environment, and offering incentives to help new employees learn and stick to safety protocols is an excellent way to start.
Strategy #2: Provide Continued Training and Feedback
Too many employers only provide safety training when an employee starts work. They don't offer safety training throughout one's employment, nor do they provide feedback to employees to know if they are getting safety protocols correct.
Work with your business. Hold monthly paid training sessions where you review safety procedures and offer feedback on how your employees have been doing their training. Safety training shouldn't be a one-and-done; it should be a continuation of your culture. Ongoing training and reflection will help reduce the chances of workplace injuries. Document all training; that can help reduce your premium.
Strategy #3: Provide Safety Equipment
Ensure that your employees always have the right equipment to stay safe while working for you. You don't want someone to get injured because they didn't have access to the proper safety equipment. Keeping the right safety equipment on-site can be crucial to your success in avoiding accidents over time and keeping your premium as low as possible.
Strategy #4: Have a Well-Known Policy for Dealing with Injuries
Finally, you need to have an established policy in place for dealing with injuries. Everyone needs to know what to do when someone is injured. Everyone needs to know where you keep your first aid kit and when to call for help. Have an established policy for employees to follow to report any injuries they sustain at work. Let employees know that you will support them in getting treatment if they are injured at work. Effective treatment can reduce the severity of workers' compensation claims.
If you want to keep your worker's compensation claims affordable, you need to have policies in place that will support you in those efforts. Offering incentives for new employees to learn safety procedures, providing continuous feedback and training, and always having the proper safety equipment on-hand can reduce the number of claims you have to file and help you keep your premium as affordable as possible for your workers' compensation insurance.
Contact a workers' comp insurance agency near you to learn more.
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