Implementing effective strategies for reducing workers’ comp costs in warehousing can help you ensure the safety of your employees without undermining the financial stability of your business. Workers comp coverage is a legal requirement for most businesses. More than that, though, it helps you manage the costs associated with injuries by paying for medical expenses and lost wages that result from a covered accident. In order to better manage and control costs associated with coverage, you first must understand how underwriters calculate workers comp costs.
What Risks Are Present in Warehouse Jobs?
Warehouse operations, with their heavy machinery, transportation equipment and production lines, carry certain risks. Consider the wide range of tasks that warehouse workers routinely perform. They may pick and pack orders, attach labels, load transportation vehicles or manage inventory. In the course of each day, workers are exposed to several potential hazards that could result in an accident or injury. The most common warehouse-related injuries include:
- Forklift accidents
- Slip and fall accidents
- Overexertion and repetitive use injuries
- Injuries from falling objects
- Loading dock accidents
How Are Workers Comp Costs Controlled?
Your workers comp costs are based on several factors, including the number of employees on the payroll, the industry you operate in and your company’s loss history. While most of those are largely beyond your control, you can take steps to improve a safety record and reduce claims. Improving your loss history will help keep workers compensation costs under control. A full audit of the company’s accident and claims history works to uncover which areas need attention.
How Can I Reduce My Workers’ Comp Costs?
Once you know where to focus safety efforts, begin implementing strategies to improve workplace safety. OSHA published comprehensive guidelines on ways to improve safety in warehouse operations. These cover everything from providing appropriate rest periods and breaks to ensuring proper ventilation and using effective communication strategies. A few examples of ways you can help improve safety and lower workers comp costs include:
- Implement a safety training program for all employees
- Incentivize safety processes and accident prevention programs
- Develop a back to work plan to help injured employees safely, and quickly, return to their jobs
- Report and investigate any accidents that occur
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2282