Beimdiek Blog

Are Work Comp Rates Out of Control?

We speak with successful business owners every day and one of the most common questions we hear is, “Why are worker’s compensation rates constantly rising?” Their concern is understandable as this expense can quickly become one of the largest line items on their expense report. This expense adds stress, but the feeling of a loss of control can be even more stressful.

At Beimdiek, we welcome this difficult question because we know that there are tangible things that can be done to mitigate risk and ultimately improve rates. Consider these three suggestions for improved safety:

1. Establish a Safety Coordinator. This person is in charge of a brief discussion each morning for a topic pertinent to that day’s project. It’s important that this doesn’t get to be long and drawn out. Focus on simple top of mind awareness which can eliminate accidents.

2. Acknowledge and reward injury free work days. Help your employees feel a sense of pride for a safe work environment and reward them with something that reminds them of the accomplishment.

3. Develop appropriate practices and policies that support and encourage a “Safety Culture”. Background checks, drug screens and physical strength screenings are essential in avoiding the wrong hire.

We consult with companies to develop a more successful strategy to improve the safety culture. Every company is different and we customize each plan in tandem with our other products and services. As a broker, we have over 19 different carriers that write Workers Compensation insurance for all industries. No matter what kind of business you own we have a plan and a carrier to help.

Let the expert team at Beimdiek customize a plan to solve your unique problem!

Leave a Reply

Subscribe to Email Updates