Workers Compensation - How to Minimize Risks of Claims | Get a Free Quote |
by Karen Murphy, MostChoice.com Considering that worker's compensation may be your largest category of insurance cost, it is definitely worth your investment to minimize the risk of claims. By doing so, you will not only reduce your premiums and the number of claims you may have to pay, you will gain a safer and more productive workplace. The number of claims filed by your employees directly affects your premium. If you have a lot of injuries, your insurer will consider you a greater risk for claims and you will pay higher premiums. But a higher premium isn't the only cost associated with workplace injuries. Consider also the costs of replacing injured employees, training new hires and delaying projects. What are the Causes of Claims? Think that the majority of injuries happen to workers who operate complicated machinery, work with hazardous materials and use heavy equipment? Think again. More than half of all workplace injuries are related to cumulative trauma disorders (CTDs) caused by repeated motions and exertions that eventually lead to discomfort, pain and physical impairment. In fact, this category of injuries is the fastest growing class of worker's comp claims, with an average cost of $43,500 per claim. In keeping with the growing number of workers who currently work at computer keyboards, CTDs such as carpal tunnel syndrome, which commonly affects a worker's wrists and hands, have become more pervasive than all other occupational diseases combined. Carpal tunnel syndrome now afflicts nearly two million workers and costs American business an estimated $20 billion annually. Adding to CTDs, other work-related stresses such as back problems, vision problems like eyestrain, headaches and neck aches are costing employers an estimated $100 billion annually. In fact, back problems are second only to the common cold in the amount of sick days they cost American business each year. Minimizing Your Risks Ever heard of the saying "an ounce of prevention is worth a pound of cure"? The consequences of not making safety and health an integral part of your business can be very costly. Company policy should dictate that safety is a core value of the organization. Not only will this help save you money, it will improve the work environment, employee attendance, morale, loyalty and performance. Statistics show that by reducing stress and fatigue at the workplace through tools and equipment that fit the physical and psychological requirements and capabilities of employees (ergonomics), employers may reduce worker's comp costs by one-half to two-thirds. In addition to the tips listed below, agents are an excellent source for resources on improving workplace ergonomics, safety and health. Your insurance carrier, worker's comp medical group or your local OSHA office also may provide free consultation services. A final option is to hire an independent expert to evaluate existing conditions and provide a range of suggestions to improve them. Tips for Reducing Claims and Increasing Safety
|
