19 easy strategies to reduce workers compensation costs in 2021

Updated: Mar 29

Are you looking for ways to reduce workers' compensation costs? If not, You need to understand the serious risk that these nasty claims pose to your business. When these claims arise, you need to be ready with a plan in place. After all, reduced workers compensation costs means higher profits and better employee-employer relationship.

Table of Contents

  1. Overview

  2. Introduction to Workers compensation claims

  3. What is the workers’ compensation act?

  4. Which injuries are covered under the workers' compensation policy?

  5. What is the treatment received by injured workers?

  6. What are the benefits received by injured workers?

  7. Do you need to buy worker’s compensation insurance?

  8. What costs do workers' compensation cover?

  9. What is the average settlement for workers comp?

  10. What causes workers' comp insurance costs to rise?

  11. How to reduce workers' compensation costs?

  12. Wisely handpick the insurance policy which suits you the most

  13. Ensure that you are following workers’ compensation claims management best practises

  14. Proactively reduce the number of accidents

  15. Have a physical injury methodology set up

  16. Put an impetus and motivation program for recently recruited employees

  17. Actualize policies for quick return to work

  18. Ensure you’re availing discounts available in your state

  19. Audit your worker orders

  20. Envisage and prevent fraudulent claims which sum up to 80% of the workers comp costs

  21. Motivate employees with well being rewards

  22. Analyze the effect of your Experience Modification Factor (EMF)

  23. Understand how insurance carriers view your claims history with benchmarking reports

  24. Incorporate an employee wellness program

  25. Proactively Predict cost of claims and set aside premium amount

  26. Use AI to proactively assign your most experienced adjuster on claims which may turn up severe

  27. Grapple with recidivism (or) reopening rate

  28. Instruct, Train and educate your employees

  29. Gather feedback from workers