After payroll, Worker’s Compensation is often an employer’s next greatest employment expense. When an accident occurs within your business, it can cost your company a lot of money. Direct costs of an accident might include paying for an employee’s medical expenses, Worker’s Compensation payments, legal proceedings, and repair of property and equipment. In addition to those direct costs, indirect costs such as loss of productivity, loss of manpower, decrease in morale, hiring and training replacement personnel, accident investigation, and corrective measures can add up to significant costs for each and every accident, especially one that includes an injury. Injury management can help an employer reduce injuries and illnesses that are job related and help reduce associated costs if accidents do occur.
Controlling expenses associated with injuries and illnesses in the workplace can not only decrease expenses, but decrease liability exposure and decrease your Worker’s Compensation premiums as well. Worker’s Compensation premiums are based on your company’s accident record, claims payouts, and programs you have in place for accident prevention and back-to-work support. An injury management assessment can pinpoint trends in injuries to provide strategies for preventing them from occurring. Assessments can also help you establish programs for employees to return to work more quickly, either with restrictions or with accommodations to help them perform their jobs. The fewer accidents and injuries you have in your workplace and the faster an employee can return to duty after an accident, the greater your expenses can be reduced and your productivity increased. A detailed review of your Worker’s Compensation related claims, along with plans for improvement, can help you reduce injuries and save money.
If you would like to receive an injury management evaluation to help improve your workplace practices and reduce costs, visit the Sinclair website for more information.