Affordable Solutions for Workers Compensation Coverage in Virginia
Workers compensation in Virginia provides important coverage for on-the-job injuries. As a business owner, you want to provide coverage for your workers without breaking the bank. Fortunately, there are several strategies that can help business owners keep costs down while still providing coverage for medical and wage replacement for workers.
Increase Workplace Safety
The best way to save money on accidents is to prevent them in the first place. Do a complete safety audit of your business. Identify potential hazards and find ways to reduce injury risks. Implement standard operating procedures for common tasks that put safety first. Involve employees in the process. Requesting safety recommendations and inviting employees to serve on a safety panel can increase employee investment in workplace safety.
Create an Accident Investigation Program
Unfortunately, accidents can occur despite diligent precautions. Creating an accident investigation program offers two major benefits. First, it helps determine the cause of accidents. Frequently, discovering the cause allows you to further refine safety procedures to reduce future accidents. Secondly, it provides protection again fraud. Identifying and eliminating fraudulent claims can keep your costs for insurance down.
Implement Return-to-Work Programs
Beyond premium costs, workplace accidents also carry the costs of lost work time. To help mitigate those costs, implement a return-to-work (RTW) program. RTW programs help employees who have suffered illness or injury return to positions that help the company. From short-term modifications of job duties to temporary reassignment, RTW can minimize lost production costs.
Workers compensation in Virginia can be more affordable. Following these three steps will give your employees protection while saving you some of your hard-earned profits.