Construction Insurance is an absolute necessity when it comes down to construction work, and the right program will include worker’ compensation coverage. Construction is one of the world’s largest industries, and is unfortunately one of the leading industries in on-the-job accidents and injuries. Because of this, many businesses find themselves with high workers’ compensation costs. However, this does not have to be permanent.
Once you understand your insurance, you can start finding ways to reduce your overall costs. Premiums can be a killer, and it’s a given that anyone would want to get their costs toned down a bit. All in all, it takes a group effort to make sure that things can run smoothly. If you’re trying to reduce your workers’ compensation costs in construction, then this blog is for you. Here’s some key ways to lower those costs for your company, via Tradesmen International.
Develop a Sound Safety Program
By being proactive you can reduce injuries, illnesses and associated costs with workers’ compensation. And you can do all of this while utilizing tools and resources already available to your company. Here’s some ways to develop a program that’s solid, improving the lives of your workers while bringing down costs:
- Develop programs endorsed by OSHA standards. The more OSHA-compliant, the better. It’s proven that less workplace accidents happen when companies utilize those standards to a tee. OSHA gives really good guidelines that keep workers safe.
- Make these programs standard operating procedure. These procedures need to become commonplace. It’s not just about getting a program out on paper. It’s about making sure that your company carries out OSHA-compliant programs you have in place.
- Investigate and document. Any company has the risk of costs being driven up. Investigate any injuries or illnesses with due diligence. Maintain contact with the employee, the medical provider or whoever is involved. Make sure records are kept as well.
- Educate and train your employees. This plays a huge role in decreasing costs. There’s programs in place meant to make your workplace safe and effective.
- Follow through with a point-loss objective. Once an illness or injury occurs, there are things that can be done to affect your workers’ compensation costs. This includes ensuring that the employee received medical attention and are good once they come back to work. On top of that, make sure paperwork is filed and future injuries are prevented.
- Regularly review your safety programs. Once developed and put into place, keep checking on these programs every so often to make sure things are running smoothly.
- Hire a risk management company and communicate with your insurer. Turning to a team of people to manage your risks is something that construction companies often do. With the help of a full-service risk management team, you can effectively protect your company, absorb risk and minimize workplace injuries. If you speak with your construction insurance agent, they likely will be happy to help you implement risk management measures for long-term success.
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) 802-2278.