Workers’ comp is the one place where what you don’t know can hurt you – and probably does time and time again. Our WorkersComp RESULTS Program has not only helped dozens of area businesses lower their workers’ comp costs, it has also shown the way to keep them low year after year.
Merrimack Valley Landscaping Company
The company was experiencing high insurance premiums due to a proliferation of job-related injuries.
The company was facing the possibility of going out of business when it was suddenly brought to their attention that they were required to have workers’ compensation certificates for all its workers, at a cost of $1.1 million.
One key to reducing your workers’ comp costs is actively managing any open claims to make sure the requisite treatment is proceeding as it should and the reserves are fair and not excessive. Poor management of open claims can add thousands of dollars onto your workers’ comp costs, so improving this can be a substantial and immediate cost saver for your business.
We all hope that our employees never get injured on the job. But the truth is accidents do happen, and when they do you need to have a process in place for dealing with a workplace injury, so you aren’t caught off guard.
Many business owners think that it is better to have someone out on worker’s comp than to pay them for a lesser job. After all, worker’s comp will pay for them to be out. The reality is that it costs at least twice as much to put in a worker’s comp case based on the large premium increase that losses cause.