Resources to Help You Control Costs and Get the Most Value from Your Workers’ Compensation Insurance

As a business owner, you probably know your workers’ compensation policy provides benefits to employees who experience a work-related injury or illness. However, you may not be aware of some of the additional resources available to you through your workers’ compensation carrier designed to help you maintain a safer workplace. This can potentially save you money and help you get more value out of your policy. Here are tips to help you get more from your policy.

Control Costs by Creating a Culture of Safety

When a small business establishes a safe work environment, workers are less likely to experience injuries or illness that may cause loss of wages, pain and suffering. A safe work place also helps business owners avoid production losses, damage to equipment or machinery, and the potential for an increase in workers’ compensation insurance premiums. Your insurance agent or carrier can provide guidelines on effective safety practices, which can help protect your employees and your bottom line. Download our whitepaper, “Loss Control: Creating a Culture of Workplace Safety,” which outlines specific steps you can take today to help create a safer workplace.

Ask About Special Value Added Services

Look for a workers’ compensation insurance carrier that offers value-added services such as safety education programs meant to help keep your workplace safe, or a network of care facilities to help employees who experience a workplace injury or illness receive treatment as quickly as possible. Ask your insurance agent what value added tools and resources may be available to you as part of your workers compensation policy. If you are currently looking for workers’ compensation coverage, be sure to ask for details on value added services.

Prevent Fraudulent Claims

Fraudulent workers’ compensation claims can negatively impact your experience rating and potentially increase the cost of your annual premiums. There are steps you can take to help combat fraud. For example, look for these potential red flags:

If a reported workplace accident is not witnessed by other employees or reported immediately.
Accidents are reported to have occurred on late Friday or early Monday morning.
The worker has filed two or more workers’ compensation claims in the past.

These red flags do not necessarily indicate that fraud has occurred, but may warrant investigation. At EMPLOYERS, we provide fraud prevention support and proactive assistance once a suspected fraudulent claim has been submitted. Check out our two-part webinar which provides tools and information to help protect yourself and your business from workers’ compensation fraud. You may also visit our educational library for additional resources to help you combat fraud.

Potentially Save Money by Joining an Association

Some workers’ compensation insurance carriers have arrangements with associations that may allow businesses to receive discounts on their policy. For example, EMPLOYERS provides eligible members of the California Restaurant Association and the Apartment Association of Greater Los Angeles (AAGLA) and many other organizations discounts on their workers’ compensation insurance policies. Ask your agent if your business may be able to take advantage of special program discounts by belonging to an association.

If you have questions about other ways you can get the most value out of your workers’ compensation insurance or would like to explore how EMPLOYERS can help meet your small business insurance needs, please contact one of our appointed agents.

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