Work Comp Fundamentals to Save Costs
If you are in business and have even one employee, you have Workers Compensation. Now, I'm not going to write about who is the best and has the lowest price....that always changes.
What I am going to write about, is how to save money by implementing Work Comp Fundamentals.
We are all aware that if you don't monitor something, how can you make any decisions at all on any aspect of it? Your Work Comp price is based off your type of industry, your actual payroll and your prior losses.
The following are all questions you need to know and understand not only what the data provides you, but also what it means. So let's start with first things first.
1. How many claims do you have?
2. What caused the claims?
3. What was done to keep the cause of the claim from happening again?
4. What were the hard and soft costs of the claim?
(Were you aware that if your business has a 20% profit margin and you have a $17,000 Work Comp loss, it would take over $180,955 of sales to offset the true hard & soft costs on that claim?)
Understanding these aspects of your losses will help you to 'see' things differently at your work. Safety DOES impact costs.....and so does informing your employees about how 'real' that aspect is. Higher costs means less money for raises, bonuses, improvements, etc.
If you would like to read more about these fundamentals, feel free to click on the following article:
If you would like to speak with a Certified Specialist on any of this, contact Glenn at 909-481-7223 or email to Glenn@Complianceandsafetyfirst.com