Franchise owners: 5 secrets to managing your Workers’ Compensation rates

Matt BauerBusiness Insurance, Employee Benefits, Human Resource Consulting, Wellness Programs, Workers Compensation

Nothing is worse than having an employee injured on the job. As a franchise owner you know injuries can happen. But when one occurs you’re left doing a balancing act, caught between assuring your employee gets the best care while trying to keep your workers’ compensation costs from spiraling out of control.

The stress can be overwhelming.

Here are 5 tips help your franchise thrive:

Start a transitional duty program.  The longer an employee is out of work, the higher rates climb. Having a transitional duty program in place allows an injured worker to keep working after a claim has been made, therefore reducing rates.

Small injuries can become big injuries.  According to the U.S Department of Labor’s workplace safety index, the most common work-related injuries are small. Sprains, neck and shoulder pain, and falls top the list. However, employers should watch out for those smaller claim injuries, especially if they occur frequently, because they could lead to bigger claims due to repetition.  Workers’ Compensation carriers also don’t like to see frequency  – it’s a red flag that you aren’t managing your safety programs and trying to mitigate injury claims!

 

Get to know your medical provider. Establish a relationship with your clinic/doctor so they know the nature of your business. A good relationship with a doctor who is familiar with your workplace and Workers’ Compensation claims can help streamline the paperwork and get the injured employee on the road to wellness quicker. We know that injured workers seek out legal advice quicker when they feel their employer is not actively involved in their claim and getting them back on their feet.

Report a claim promptly and properly: Late reporting of a claim can jeopardize the claim, lead to higher costs, and even lawsuits. Gathering information on the injury and objective witness statements is also crucial to investigating a claim.

Start a wellness program.  Advocate for a healthy lifestyle. Keeping your workers healthy can prevent workplace-related injuries. There are plenty of creative ways to start a wellness program without added costs.  Many non-profits have fundraiser bike tours, walks & runs – get a team together!  Have fun with a Biggest Loser contest, have healthy snacks in the break room, or give incentives to team members who take charge of their health by joining a gym or a nutritional program. Think outside the box and have fun!

At Sinclair Risk and Financial Management your business is important to us. Would you like to learn more about how to manage your Workers’ Compensation rates? Send me an email.

Josie Griffin

jgriffin@srfm.com

Franchise  Risk Management Consultant

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