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Is Substance Abuse Costing Your Company?

Is Substance Abuse Costing Your CompanyAn unfortunate statistic shows that more than 70 percent of almost 120 million admitted drug and alcohol addicts are employed.  In fact, some may be working for you. However, there are ways to identify, address, and remedy this unfolding problem.

According to an article in Summit, substance abuse has cost U.S. employers more than $276 billion annually. These costs can come from lost productivity, workplace accidents and/or increased healthcare and insurance costs. It’s essential that you protect your business with a New Jersey Workers’ Compensation Insurance policy.

If you’re looking for facts to cement the idea that drug and alcohol abuse affects all employees and not just the user here are a few sponsored by the National Institute on Drug Abuse.

  1. Drug-using employees are 2.5 times more likely to have absences of eight or more days.
  2. Drug-using employees are 2.2 times more likely to request time off.
  3. Drug-using employees are 3 times more likely to be late to work.
  4. Drug-using employees are 5 times more likely to file a Workers’ Comp claim.

Studies have shown that compared to their coworkers, substance abusers are not only shown to be less productive, they are more likely to miss work. Furthermore, substance abuse will most definitely drive up insurance costs that you are not looking for.

The best way to combat this issue and prevent it from occurring in your workplace is by establishing a drug-free program. This will not only keep your insurance costs low, but it will create a workplace free of substance abuse. Furthermore, you can be credited by your insurance company for including a formal drug-free program at your business.

To start an effective drug-free program make sure to plan, communicate, train, assist and document. Remind yourself that it takes one person with substance abuse problem to affect the profitability, competitiveness, morale and safety of the workplace environment. Taking these steps forward will not only protect your business by bringing down the increased insurance costs, it will also protect your employees.

At Associated Specialty Insurance Agency, we provide Workers’ Comp for all kinds of injuries and substance abuse. We are here to offer you a wide variety of protection programs that will come at rates you can afford. For more information on how we can protect you, call us today at 866.679.7457.

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