5 Steps to Reducing Workers’ Compensation Costs

When a company experiences significant increases in worker’s compensation costs, it usually triggers internal activities aimed at reducing insurance costs and reduce spending.

Reduce Workers Compensation Costs - 5 StepsThe key to spending fewer dollars is more than just stopping a few accidents; the key is having a sound safety program designed to continuously improve. This is where a safety program that, at a minimum, is compliant with the OSHA standards can yield significant savings for your company by reducing injuries and illnesses, and saving workers’ compensation dollars.

Building a solid OSHA program requires putting programs into practice

From an entry-level standpoint, there are five steps your company can take to have a well-rounded safety program that produces a safe work environment, achieves OSHA compliance and reduces accidents. Those steps are:

1. Develop the various programs required by the OSHA standards;
2. Integrate those programs into the daily operations;
3. Investigate all injuries and illnesses;
4. Provide training to develop safety competence in all employees; and
5. Audit your programs and your work areas on a regular basis to stimulate continuous improvement.

If you want to know more about how this relates specifically to your business, contact Risk Benefits Insurance Brokers.