Worker’s compensation coverage is a crucial part of protecting a company’s assets. It provides for medical costs and lost wages in the event an employee is hurt on the job. It can also be a major overhead expense. Research shows that there are ways to help lower costs associated with workers compensation in CT.
1. Improve Workplace Safety
The more accidents and injuries reported by a company, the greater a risk they are to insure. That’s why a comprehensive workplace safety program is key to keeping rates under control. A good plan will have, at a minimum, these three components:
- A safety evaluation: This will identify existing hazards so that they can be addressed and minimized going forward.
- An accident prevention program: This should include health and safety training, signage and steps to prevent hazards.
- Multi-level investment: Both management and employees need to be invested in a program for it to succeed. Incentives are a popular way to increase participation.
2. Handle Claims Properly
If an accident does occur, it must be handled properly. That usually entails quick reporting to the insurance provider so that a claim can be started. An investigation into its cause should also be conducted, with a final report and any recommendations submitted upon its completion.
You are required to carry coverage for workers compensation in CT, but it doesn’t have to undermine your budget. Work with an experienced agent to develop appropriate policies that will help keep costs down.