Most employers are well aware of the taxing cost of workers’ compensation insurance and how this burden can increase exponentially with claims. The Occupational Safety and Health Administration (OSHA) estimates employers pay $1 billion per week for direct workers’ compensation costs. When factoring in indirect costs, such as training replacement employees, investigating the accident and taking corrective action, the cost to an employer is a staggering amount.
So what can an employer do? The easiest fix is to not have any employees. However, this is not likely a viable strategy for most employers. Accepting that workers’ compensation costs are a necessary component of employing individuals, there are some proactive strategies that can result in direct and indirect benefits to the employer. We’ve identified 14 proactive strategies to help an employer influence its workers’ compensation costs.
These strategies can serve as a starting point for an organization to assess its own practices. Clients may want to review our webinar recording, “How to avoid hiring your next work comp claim,” available on Client Access.
For more information, contact us.
Rebecca advises employers on leave policies, accommodations, discrimination and early intervention with workers’ compensation claims. While in private practice, she focused on defending workers’ compensation claims and handling Medicare-related issues arising from those claims. Rebecca received her
Rebecca advises employers on leave policies, accommodations, discrimination and early intervention with workers’ compensation claims. While in private practice, she focused on defending workers’ compensation claims and handling Medicare-related issues arising from those claims. Rebecca received her Bachelor of Business Administration degree with a major in human resource management from the University of Wisconsin-Eau Claire and received her law degree from Marquette University Law School.
Risk management and human resources are traditionally two different job functions, and the people in these areas have rarely crossed paths — but that is changing.
Why are these people starting to work together more frequently?
In its 2014 Workplace Safety Index, Liberty Mutual estimated that employers pay just under $1 billion per week to injured employees and their medical care providers. Since even one serious workplace injury may impact the bottom line of a small or mid-size business, it is essential that employers have an effective injury and illness prevention program in place.
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