Want to lower your worker’s comp costs?

Many employers think of their workers’ comp premium as a fixed cost. Smart businesses owners, though, are always looking for ways to save, and comp is a great place to start. With a little attention to detail, you can reduce the dollars your company spends on workers’ comp—without jeopardizing the value of your policy.

Take a good look at the ideas in this issue and see if you can implement a few cost-saving strategies in your workplace.

Start with safety

Workplace injuries directly affect premium, which makes safety the most obvious key to saving money. To spend less on workers’ comp, create specific safety initiatives for every job. They can be as simple as correcting ergonomic issues or requiring safety goggles. Put these safety rules in writing. Enforce them. Offer incentives for accident-free performance. Cheerlead. If you need safety ideas, check with your agent, visit our website or call your Summit loss control representative.

Take advantage of available credits

Drug-free workplace programs can qualify you for savings on your premium. Setting up a drug-free workplace program may take some time in order to meet state regulations, but in qualifying states the savings can be up to 5 percent (in Georgia, it can be up to 7.5 percent). Maintaining a workplace safety program and completing the Workplace Safety application process can qualify Florida employers for an additional 2 percent credit. These programs are not difficult to implement, and Summit can help.

Work with your agent to check your class codes

Business classification codes are based on the level of potential risk for jobs in a particular industry—and they are a key factor in determining the cost of your workers’ compensation premium. It’s a good idea to work with your agent to check your employee classifications, because improper classification can cost you thousands.

Plan (and improve) your immediate response

Statistically and practically speaking, the faster you respond to a workplace accident, the better—and less costly—the outcome. So before an injury happens, plan out how you will respond. Designate a person to immediately report workplace injuries. Contact the nearest in-network doctor’s office or clinic, and prearrange any documentation you may need in the event of an injury. Explain your company’s workplace accident procedures to your employees. And be prepared to stay in the communication loop that includes the injured employee, the physician and Summit. Laws differ by state, but if you take time to put procedures into place right now, you’ll have more control of workplace injuries—and the chance to keep costs from spiraling.

Get started with Back2Work®

Return-to-work programs work, but they need to be in place before an injury occurs. It’s a fact that employers with established return-to-work programs can minimize the costs of claims. And, studies prove time and again that employees who continue to work while they recover, even in a modified capacity, heal faster. Check out the rest of this issue for more information about Summit’s Back2Work program and many other cost-saving opportunities.

Use in-network doctors

Sending your injured workers to an in-network medical provider not only gives them access to quality medical care from experienced providers, but it’s also another great way to save money on workers’ comp claims. In fact, our proprietary network—along with our additional cost-containment services and discounts—generates an average savings of more than 50 percent on the billed amount on medical invoices. Click here for a current listing of our network medical providers in your area.

Evidence-based medicine saves on comp costs, too

Summit encourages the use of evidence-based medicine to save you money and, most important, to give your injured workers the best chance at recovery.

Here’s how it works. When medical providers have the latest treatment information and use effective, scientifically proven methods, you save money because ineffective, outdated treatments are eliminated from the claim. Plus, your injured worker gets the best care, heals faster, suffers less—and is back on the job sooner, which saves lost wage expenses and needless frustration.

To promote the use of evidence-based medicine for your claims, we encourage our network doctors to use the Official Disability Guidelines. This extensive database of evidence-based guidelines was created just for workers’ comp and is continually updated by the independent Work Loss Data Institute. Yet another reason to use doctors in our network!