1. Pay Attention to Policy Details & Premiums
It’s important to understand workers compensation policy details for a multitude of reasons. At the top of that list are controlling costs and ensuring that your business has adequate protection and coverage. Policy premiums are calculated by referencing the class codes and payrolls for each job type within your business. Class code rates are different for various job types, these rates will generally be higher for more hazardous job types.
Here are a few factors that are considered when determining your workers comp insurance costs:
- Type of business
- Number of employees
- Employee compensation
- History of workplace injuries
Read, ‘Insurance Cost: Calculating Workers Compensation Premium.’
2. Ensure that Workers are Properly Classified
It is a requirement for employers to provide workers compensation insurance to full time employees but not independent contractors. Usually it’s very clear-cut to figure out how to classify an employee vs. independent contractor but occasionally in the restaurant or bar industry it can be more difficult to figure out. Combine this with the fact that each state’s Department of Labor has different conditions that determine an independent contractor.
Reach out to your local Society Insurance agent for help with employee classification. Our team of experts are ready to help!
3. Implement a Safety Plan to Mitigate Risk
The best workplaces rarely need to worry about workers compensation because they have thorough and well-planned safety policies in place reducing risk of injury to workers. Safety plans go beyond protecting employees and also ensure that customers have a positive and safe experience at your business. Ongoing reminders and refresher training sessions are important to increase employee adherence to safety policies.
4. Follow Up Incidents with Thorough Investigations
If an injury or workplace incident occurs, it’s important to immediately follow up with a thorough workplace investigation. The purpose of this is to discover what happened in order to prevent it from happening again, not to point fingers at those who made a mistake. It’s a best practice to start investigations immediately or within 24 hours of the incident occurring to ensure accurate information is gathered.
Read, ‘Case Study: Workers Compensation and Subrogation – Recovering Money and Lowering Insurance Premiums.’
5. Begin the Claims Reporting Process Quickly
If an incident occurs at your business, it’s important to start the process of filing a claim immediately. By doing so, your claims representative can contact the employee quickly and help them start the healing process so they can return to work quicker. A rule of thumb is that the longer a person misses work, the harder it is to get them to come back.
Download a free copy of your “Workers Compensation Return to Work Program Handbook.”
Learn more about submitting a claim with Society Insurance.
Society Insurance: Workers Compensation Insurance Made for Your Business
Whether it’s sending a claims professional to investigate an accident, locating the nearest repair shop or using one of our many cost containment programs, Society helps take care of the details so you can get back to business.
To find out how Society can help your business, contact your local Society agent or check out our workers compensation blog archives for additional safety tips and information.