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As seen on The Small Business Authority Blog on 11/30/11
Like the St. Louis Cardinals, your business can only win its World Series and optimize performance by keeping your No. 1 asset, your employees, working and safe.
Here are four ways to do that.
1. Maintain safety in the workplace by establishing a Culture of Caring™. From the president on down, the message must be made clear that the management team cares about the well-being of company employees.
Employees must feel that their managers want them to go home from work in the same health in which they arrived. If one of your employees is injured, make sure you communicate with him that you want him to return to work quickly and that you’re there for him. Creating a culture of caring is the single-most important step to saving money on your workers’ compensation.
2. Eliminate unsafe acts and conditions that increase opportunities for claims. Establish a “safety committee” that analyzes past claims, isolates patterns, and then eliminates the causes.
3. Your claims experience directly affects your premium (up or down) annually through the experience modification. Safety can capture up to 45 percent savings through experience modification credits on your premium. Capturing savings from safety through your experience modification is a strategic and “bottom-line” imperative.
4. Organizations with low claims are eligible to participate in “loss sensitive” workers’ compensation programs that reward businesses for their safety. As an example, some safety groups fully insured by the New York State Insurance Fund have saved safety-conscious members up to 50 percent on their premiums for decades. Many insurance carriers offer dividend plans that reward safety. It all starts with a Culture of Caring™.
Adam Friedlander is president of Friedlander Group Inc., the workers’ compensation leader in New York for retailers, wholesalers, restaurants, hotels, oil dealers, and social services. Since 1992, Friedlander Group has saved more than 3,000 clients a quarter of a billion dollars in discounts and dividends on their workers’ compensation.
His new book, “How to $ave Big on Workers’ Compensation | With Insights From Leading Industry Experts,” is the No. 1 best-selling Business Insurance and Risk Management book on Amazon. Learn more at www.howtosavebigonworkerscompensation.com.
