You probably don’t think much about your workers’ compensation policy until you file a claim or pay your premium. You may be surprised to learn that you can take small steps during the year to help control your workers’ comp costs.
Tip 1. Join a safety group
Your insurance carrier might offer safety group opportunities. Safety groups allow employers in similar industries to get premium discounts. Group members also have access to industry-specific workplace safety resources. Some groups reward safety-conscious members with dividends.
Tip 2. Prevent workplace accidents
The best way to manage claims is to prevent accidents from happening in the first place. Effective safety programs are all-inclusive. Everyone, from the president to front-line workers, follows safety procedures and helps continuously improve the safety program.
Tip 3. Focus on return-to-work
The longer injured employees are off work, the higher the costs for their employers in terms of workers’ comp benefits and lost productivity. Meanwhile, injured employees tend to get bored, stressed and depressed. Their job skills often suffer, along with their incomes.
A return-to-work process helps injured workers return to productive employment. If they are unable to perform their normal job duties, the process provides alternative productive work they can do while they recover.
Tip 4. Join a network
Some carriers offer employers the opportunity to join workers’ compensation health care networks. Networks focus on helping injured workers recover and return to productive employment. Health care providers who participate in networks have experience treating workplace injuries. Some networks also offer premium discounts to participating employers.
Tip 5. Fight workers’ comp fraud
Fraud costs the workers’ comp system $7.2 billion a year, according to the National Insurance Crime Bureau. Those costs trickle down to everyone in the form of higher premiums.
Fraud is lying for financial gain. Workers’ comp fraud can be committed by claimants, employers, health care providers and anyone else who has a stake in the system.
If you suspect fraud, contact your insurance carrier, or visit the Texas Department of Insurance at www.tdi.texas.gov/fraud/onlinereport.html.