A workplace safety plan reduces injury and workers compensation claims

workers compensation insurance risks and how to keep premium down #insurancenews

The right site safety program will reduce the frequency and even the severity of injuries.

It shouldn’t come as a surprise to hear that there is a direct and very powerful link between workplace safety plans and the occurrence of injuries and workers’ compensation claims.

Keeping employees safe is both an ethically and financially sound strategy for companies.

Making sure that workers are safe at on the job goes well beyond being the right thing to do.  It also makes a substantial amount of financial sense, meaning that it benefits a business from every angle.  The key is to ensure that an effective workplace safety plan is in place, such as those employed by constructionsuper.com.

By keeping employees safe, workers will know that they are cared for, will miss less work, will feel confident in their work, will be more loyal (meaning less employee turnover), and will work more efficiently. At the same time, avoiding injuries means that companies experience far fewer losses over time.  Their team members don’t need as much time off for recovery. 

Moreover, workers compensation claims can be kept to a minimum in terms of both numbers and size. This is also a helpful step for keeping those insurance premiums down, as companies that prove to be a higher risk of expensive claims must also pay more for the coverage.

A solid workplace safety plan can ensure that a company keeps their insurance rates lower.

Businesses that have a below-average accident history receive a more favorable risk score on their workers’ compensation policy premium calculations. This means that, when all is said and done, they will pay less over time.  On the other hand, failing to keep a work site safe can lead to a higher-than-average rate of accidents on the job. 

When an insurer views that high accident rate history, it determines that a company is a higher risk than other similarly sized businesses, and a higher rate will be applied to reflect that risk.  The coverage will be the same, but it will be more expensive.

What is included in a workplace safety plan?

According to the Occupational Safety and Health Administration (OSHA) small business handbook, there are four primary components to an effective workplace safety program. Those components are:

  • Worksite analysis
  • Hazard prevention and control
  • Worker, supervisor and manager training
  • Management commitment and worker involvement

This strategy clearly shows that keeping employees safe – and keeping workers compensation claims and premiums under control – involves every level of a business. It requires an appropriate attitude from the leadership downward, to ensure that worker behavior will be reflected in that attitude.workers compensation and having workplace safety plan lowers premiums #businessinsurance

This top-down approach makes sure that a workplace safety strategy is well developed, communicated and deployed at all levels.  It also makes certain that the plan will be maintained over time for ongoing benefits for keeping workers safe on the job.

With proper maintenance, these efforts are built right into a company’s culture and will not only become natural components of processes and policies but will also keep up a continual evolution to improve worksite cleanliness, the treatment of tools and equipment, and the respect for the safety of other team members.

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