Ways to Save on Workers Comp Insurance
One of the most important insurance costs a charter school can monitor is its worker compensation premiums.
And since a school’s insurance rates are influenced by the claim history of employees, who can file a claim anytime they are injured on the job, here are some tips for reducing claims:
1. Invest in keeping your workers safe
When safety is an integral part of your school’s culture, they experience fewer claims, less fraud and lower premiums. Management must make sure that employees go home from work in the same health in which they arrived by building a culture of caring.
2. Establish a workplace safety committee
It should analyze past workers’ compensation claims, isolate patterns and then establish protocols to eliminate unsafe acts and conditions that could cause future safety problems. When employees have a stake in the outcome, they are apt to care most about keeping rates low. You may want to note that the lower rates are, the more a company can afford to pay its employees.
3. Control what insurance carriers call your “experience modification”
A safer environment can lead to a 45% savings through so-called experience modification credits on your premium—something like a safe-driver discount for private car insurance. Controlling your experience modification is a strategic and bottom-line imperative.
