Profile cover photo
Profile photo
Ireti Workers Compensation
5 followers -
Providing Workers Compensation Solutions
Providing Workers Compensation Solutions

5 followers
About
Posts

Ways to Reduce Your Employees’ Compensation Costs
By Kimberly Daise

If you are searching for ways to trim down workers' compensation insurance costs, you’re mindful of the direct expenses which you pay in premiums.
However what you might not have thought about is the indirect costs of workplace injuries and accidents, which go beyond what you pay for employees’ compensation plan. Perhaps you may need to train substitute workers, adapt work schedules, analyze accidents and employ corrective measures. You can need to fix damaged property and equipment, lose efficiency and must cope with lower staff morale and absenteeism.
That’s the reason my first recommendation – regulating workers’ compensations costs through a safety program – is crucial to your bottom line.
1. Developing your safety program
A lot of accidents can be averted before they happen. Keeping a safety program allows you to detect and terminate workplace hazards that may result in injuries. The ROI on this kind of programs is apparently credible. Numerous studies have proved that for every dime spent on injury prevention, firms realize a $2 - $6 profit, as reported by Safety and Health magazine.
This solid return may be the reason several states, including California, require businesses to keep a written safety program. Furthermore, putting requirements and concepts in writing implies that your company is dedicated to providing a healthy job environment for workers.
If you’re starting afresh with a perceivably healthy work environment, you can get assistance developing your safety program from various sources at different prices. Think about using:
• An independent consultant – third-party office safety consultants usually charge $100/hour.
• A business-targeted template – Certain online businesses offer downloadable safety program templates specifically made for different industries for about $100 - $150.
• Your workers’ compensation insurance agency – A lot of service providers offer fee-inclusive safety consultations to their clients.
• Occupational Safety & Health Administration: OSHA’s On-site Consultation Program provides cost-free professional guidance to medium and small-sized businesses. Despite the fact that such services are “separate from enforcement,” prepare yourself to complete OSHA’s recommendations.
And never forget, a safety program should be more than the piece of content. Only the help of the company executives and appropriate on-the-ground training will implement it (and help to make a significant difference in employee safety, and managing your workers’ compensation costs).

2. Return-to-Work Program
Despite having a quality safety program, injuries can still happen. If they do, a return-to-work program can give a direct cost advantage to the employees’ compensation claim. Studies have shown that the longer an employees’ compensation claim stays open, the pricier the claim. Take, for instance, when injured workers get back to work later, the claim has to cover much more replacement revenue.
Therefore, the aim of a return-to-work program is always to help injured staff return to work in the shortest possible time, even when it’s on a tailored principle while they recover. This may include giving a worker the opportunity to work part-time or light-duty hours, matched in partnership with the staff ’s medical professional.
A dynamic return-to-work program also provides indirect cost benefits. It can enable you to manage workplace connections with injured employees so as to avoid the alienation that can arise on each side during a long absence. And an initial return-to-work reduces the chance that the worker cannot return.
Take a look at the return-to-work safety plan template of the Society for Human Resource Management (SHRM) for an example of the appropriate ways to set up your program.

3. Become a member of a PEO
Last but not least, being a member of a Professional Employer Organization will help you to control your employees’ compensation claims and costs while assisting you to resolve the safety issues in your enterprise. An effective PEO’s safety solutions can significantly help in promoting a high-return “culture of safety” at your company.
A PEO can assist you:
• Select employees’ compensation plan coverage. A PEO can reduce employees’ compensation premium rates by negotiating competitive plans with insurance firms.
• Assess the safety of the office and develop a safety program that will enable you to prevent accidents.
• Resolve claims promptly and efficiently.
• Maintain interactions with injured employees.
• Execute a return-to-work program that boosts worker morale and minimizes the span and cost of workers’ compensation claims.
• Taken as a whole, these efforts would make a huge difference in the amount spent on workers’ compensation and indirect expenses of workplace injury.
Add a comment...

Post has attachment

Workers’ Comp Insurance a MUST For Small Businesses
By Kimberly Daise

Workers’ compensation insurance almost eliminates legal liability (with a few exceptions) on the employer’s part after following a work-related injury. The law allows employees to collect compensation from their employers after suffering an injury at work. This compensation is paid via worker’s compensation insurance.
The whole compensation process is sometime confusing for the business owner. But for the employer just remember that most of the time the courts tend to rule in favor of the employee. That usually translates to significant payouts for medical expenses and any other expenses related to the injury. For instance, if the court finds the injury was as a result of the employer’s negligence, the injured worker may get a huge compensation, one that can wipe out a small business without workers’ compensation insurance.
Is it Mandatory?
Workers comp, as it’s often called, is required by nearly every state. Most states, including Florida, require employers to make insurance contributions to compensate workers who might suffer injury or disability while working. To enjoy this service, it is good to check with your state to see what’s required of you as an employer in connection with workers comp.
Note that workers’ compensation insurance only covers injuries resulting from employment. However, if it is discovered that the worker was intoxicated when the accident occurred, he or she may not be able to claim compensation. Some States impose a drug test on injured workers, and if the test comes out positive, the worker don’t get compensated. The same goes for self-inflicted accidents, or actions injuries occurring from an employee violating company policy.
Benefits of Workers’ Compensation Insurance for Employers
So far, it appears the workers’ compensation program only benefits employees, but there’s another side to workers’ comp insurance. Employers also stand to gain by paying workers’ compensation insurance.
You Don’t Foot Medical Bills
Workers’ compensation insurance shifts liability from employers to the insurance company. That means you won’t have to drain your bank account to pay for workplace injury compensation.
The Insurance Picks Up All Responsibilities
Secondly, the insurance cover also covers wage replacement. The law mandates employers to pay two-thirds (check the law in your state) of the worker’s average wage. That can amount to a lot of money for a small business. Large enough sums to make the business go belly up or even worse, drive the owner to bankruptcy.
Long-term and Permanent Injuries
The benefit of taking out workers’ compensation insurance is that it covers long-term and permanent injuries. Injuries leading to long-term or permanent disability attract hefty court settlements. The settlement might go as high as millions of dollars. With insurance, the insurance company absorbs all the fiscal liability.
Those are not the only benefits you stand to gain by paying workers comp. There are many other benefits you and your workers enjoy with a workers comp cover including but not limited to training programs, safety programs, hiring and worker retention programs, technical and management programs. Workers compensation coverage can provide a small business with protection and tools for growth.
Add a comment...

Every Small Business Owner Needs Workers’ Compensation Insurance
By Kimberly Daise

Getting workers’ compensation insurance might not seem like a big deal until one government official walks through the front door of your business.
Many businesses go under, because of a poor business model which usually includes skipping a federal regulation. It is conceivable that the number of employers violating workers’ compensation insurance requirements is higher than that of employees who bring bogus workers’ compensation claims against their bosses. That’s a worrying trend, easily reversible by alerting employers to the many business benefits of getting workers’ comp insurance.
Herein are a couple of reasons to get workers’ compensation insurance
1. The Insurance Protects You from Legal Liability
Taking out workers’ insurance compensation insurance makes your business immune, from most claims with few exceptions, to any legal liability when one of your employees gets injured at the job.
The law states that if a worker gets injured at their place of work, their employer must pay the expenses related to the accident. If you have insurance, though, the insurance company will cover you should a worker get injured.

2. The Insurance Company Pays for Retraining
If you lose one of your workers to an injury, the insurance company pays for a portion of the new workers’ training. That’s good news for a small business owner.
You don’t have to pay for all the training expenses associated with hiring a new employee.
Workers’ compensation insurance saves you a lot of money. If you don’t have it already, your risking your business.
Add a comment...

Every Small Business Owner Needs Workers’ Compensation Insurance
By Kimberly Daise
Getting workers’ compensation insurance might not seem like a big deal until one government official walks through the front door of your business.
Many businesses go under, because of a poor business model which usually includes skipping a federal regulation. It is conceivable that the number of employers violating workers’ compensation insurance requirements is higher than that of employees who bring bogus workers’ compensation claims against their bosses. That’s a worrying trend, easily reversible by alerting employers to the many business benefits of getting workers’ comp insurance.
Herein are a couple of reasons to get workers’ compensation insurance
1. The Insurance Protects You from Legal Liability
Taking out workers’ insurance compensation insurance makes your business immune, from most claims with few exceptions, to any legal liability when one of your employees gets injured at the job.
The law states that if a worker gets injured at their place of work, their employer must pay the expenses related to the accident. If you have insurance, though, the insurance company will cover you should a worker get injured.

2. The Insurance Company Pays for Retraining
If you lose one of your workers to an injury, the insurance company pays for a portion of the new workers’ training. That’s good news for a small business owner.
You don’t have to pay for all the training expenses associated with hiring a new employee.
Workers’ compensation insurance saves you a lot of money. If you don’t have it already, your risking your business.
Add a comment...

REHIRING AN INJURED WORKER
By Kimberly Daise

Among the most crucial aspects of reducing lawsuits is an efficient way of rehiring the injured employee or operating a functional return-to-work system. This particular program can bring about substantial premium reductions and failure to set up rehiring practices will often lead to litigated cases and even higher payouts to the injured employee.
An employer needs to bear in mind that a worker is not obliged to return to work until a medical expert releases the employee to do so. It is essential that the medical expert, the injured worker, along with the employer make an effort to coordinate and know about the injured worker's status at all times. Return-to-work authorization and giving of light-duty tasks are quite essential issues to consider.
Case litigation and attorney’s involvement in workers' compensation cases is much less in instances where a worker returns to serve his employer. The employing company should know about all the procedures required for rehiring and, even though an employer is not obligated to rehire the injured employee in every situation, it is against the law to fire an injured worker just because he files a workers' compensation claim or claims benefits. Firing a worker because of these can cause civil liability to the employer.
It is in the employer’s interest to re-hire when the option is available.
Add a comment...

Post has attachment
Photo
Add a comment...

Post has attachment

PEO Broker services
Add a comment...
Wait while more posts are being loaded