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Reducing Workers’ Comp with Risk Management Techniques

Reducing Workers Comp with Risk Management TechniquesWe are surrounded by sectors in which employee safety continues to remain a concern and Workers’ Compensation costs have become more of a priority. Trying to achieve the right balance between a great workplace and a safe workplace is the new ideal. Investing in a risk management program can help decrease costs and workplace accidents.

According to an article in Property Casualty 360, reducing workers’ comp with risk management techniques is important to keep a balance between workplace productivity and safety. Here are a few ways to implement new techniques.

Loss Sensitive Plans

Having a loss-sensitive risk transfer program can guarantee comfort with an employer. This can help reduce premium costs while still providing the company with a hand in the claims process. Companies can achieve as much as 50% premium reduction costs and lots of businesses are working towards this option.

Classification Review

Part of calculating workers’ compensation rates is payroll classifications. They are a major factor and industries with lower injury frequencies and risks are assigned a lower classification rate. Those with higher injury frequencies and risks are assigned higher classification rates. These classification rates are essential and make a difference.

Target Risk Control

Another great way to reduce workers’ compensation costs involves targeted risk control based on claim review results. This helps to improve workplace safety by focusing on target areas and cutting company premiums as much as 30%. What is targeted risk control? Targeted risk control helps to identify trends that impact loss experience and total cost of risk. By identifying those trends, we can create risk control plans to address these trends and project financial improvement.

 

About ASIA

At Associated Speciality Insurance Agency, we can help you provide you with affordable solutions to meet your insurance needs. We also understand that these businesses make up the fabric of our communities and know what it takes to keep costs in line as the businesses grow. We can help you provide the quality of service that distinguishes you from your competitors. For more information, call us today at 866.679.7457.

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