Reducing Costs for Workers’ Compensation on Construction Sites
Construction is one of the world’s largest industries. Unfortunately, it’s also one of the leading industries for on-the-job accidents and injuries. Due to this, many businesses find themselves with high workers’ compensation costs, which can detract from their possible profit. Fortunately, there are ways to reduce your workers’ compensation insurance premiums without sacrificing coverage.
Developing a Safety Program
A business owner who is proactive in reducing injuries and illnesses in the workspace is more likely to be successful at preventing risk. You can do this while utilizing tools and resources already available to your company. Here are a few key ways to develop a safety program that improves the lives of your workers while bringing costs down:
- Develop a plan that is endorsed by OSHA standards. The more OSHA-compliant, the better. It’s proven that fewer workplace accidents occur when businesses utilize those standards as much as possible. OSHA provides great guidelines that keep workers safe.
- Make these plans standard procedure. It’s all well and good developing a great safety plan, but what about enforcing it? Make sure that your company carries out OSHA-compliant programs you have in place.
- Educate employees. This plays a large role in decreasing costs. There are programs in place meant to make your workplace safe.
- Investigate risks. Pay attention to any injuries and illnesses that seem frequent in the workplace. This can help you identify risky situations that you overlooked before.
- Follow through with a point-loss objective. When an illness or injury occurs, some things can be done to affect your workers’ compensation costs. This includes ensuring that the employee receives medical attention right away, they are examined before coming back to work, and that paperwork is filed and future injuries are prevented.
Safeguarding your construction business is essential for its livelihood, funds, and success. Talk to the team at Nahai Insurance Services to receive affordable workers’ compensation insurance that suits your needs. We understand the various risks in your industry and know just how to protect you with reliable insurance.