A Workers’ Compensation Update
There are over 4.1 million workplace injuries in the United States each year according to the Occupational Health and Safety Administration (OSHA). Employers spend about $155 billion on work-related injuries each year. There is no doubt workers’ compensation is a big expense for employers.
The good news is there are many actions an insurance agent can do to help employers reduce their workers’ compensation costs. These include:
- Search the market for options and program designs that fit the individual needs of each employer.
- Help build a bridge between the insurer and the business.
- Educate employers about how workers’ compensation works.
- Work with employers in the development of a safety program.
- Analyze all classifications to make sure they are correct.
- Help the company prepare for the workers’ compensation premium audit.
- Provide the framework for an early return to work program.
- Help the company review accidents and claims to determine trends, and then create safety solutions.
- Facilitate a claims review with the insurer to make sure all claims are being processed correctly.
- Be a resource to the business when bringing in other service providers to solve problems, i.e., attorneys, safety professionals, and third-party claims consultants.
Workers’ compensation is an important part of your business insurance program. State law requires that businesses have workers’ compensation insurance.Business owners go to great lengths to provide a safe working environment for their employees. Workers’ compensation continues to be a significant cost driver for most employers, and understanding all the factors that can drive workers' compensation costs can often be complex and time consuming.