Workers’ compensation insurance is an important safety net that protects your business and employees in case of an on-the-job illness or injury. However, you might not be aware of some additional resources your insurance carrier may provide to help you maintain a safe workplace, save money and get more value out of your policy.
Here are three value-adds to ask your insurance agent or carrier about to get the most of out of your workers’ compensation policy.
1. Loss control support. Loss control focuses on ways to help create a culture of safety and reduce the likelihood of workplace injuries or illnesses. Safer businesses can have lower workers’ compensation insurance premiums because the amount you pay may be based, at least partly, on your claims history. In fact, according to the Occupational Safety and Health Administration (OSHA), businesses that implement a proactive safety and health program can save $4.00 to $6.00 for every $1.00 invested. Why? Because injuries and claims decreased. The best way to reduce the cost of claims is to prevent the injuries from happening in the first place. At EMPLOYERS®, our dedicated Loss Control Department offers policyholders several resources at no additional cost, including:
a. A hazard analysis that business owners can use to identify and remediate potential workplace safety risks,
b. Employee safety presentations and training programs,
c. Manager and supervisor training to help reinforce best practices that promote workplace safety and health, and
d. Signage, brochures and worksheets to help manage risk and support your HR team’s efforts.
2. Fraud protection. Everyone eventually ends up paying the price for workers’ compensation insurance fraud in the form of higher premiums, lost jobs and profits, lower wages and benefits, and higher costs for goods and services. At EMPLOYERS®, our dedicated fraud prevention and investigation team helps policyholders understand and spot common signs of claim-related, premium-related and medical-related fraud.
Additional services include:
a. Informational materials and signage that demonstrate an employer’s commitment to safety ,and discourages employees from committing fraud, and
b. 24-hour access to a fraud hotline for reporting suspected workers’ compensation insurance fraud, staffed by experienced fraud prevention specialists.
3. Managed care services. Managed care services help minimize downtime and reduce costs for injured workers and business owners. They also help employers make sure injured workers receive timely and cost-appropriate medical care. These types of services help employers manage medical and provider networks, pharmacy benefits, and how to navigate claim reviews, disputes and appeals.
Having workers’ compensation insurance is an important and necessary part of running a small business. Beyond just the premium cost, ask your carrier or agent about integrated value-add services to help you maintain a safe workplace, save money and get more value out of your policy.