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Top 5 Strategies to reduce Workers Compensation premiums
With the end of financial year fast approaching, the quickest way to make an impact with your workers compensation premiums is to close as many open claims as possible prior to the end of the financial year. Depending on the jurisdiction, any claims left open during this period can have an estimate dollar figure attached to them which will impact heavily on your premium. If you don't already have this on your radar, then it would be a good time to start as there's only 3 months to get on top of this.
With most policy renewals coming up on 30th June here are some top tips to decrease your workers compensation premiums coming up to renewal:
1. Effective Claim Management - Manage and review your claims closely. Make sure that you have at least one claims review booked in with your agent by early May. Request claims reports from your agent so that you can monitor the claims costs and ensure that you are aware of any large increases.
2. Suitable Duties Programs - Provide suitable duties, having an employee unfit for work is what will drive the cost of the claim up and also impact your premium for the next 3 years. Ensuring you have suitable duties available for your injured workers is not only better for the employee it will also bring down the cost of the claim and therefore your premium.
3. Close out claims - Ensure claims as closed ASAP. Having claims open unnecessarily at renewal will add cost to your premium. Provide your agent with all documentation as soon as possible so that they can process payments to ensure quick closure of claims.
4. Communication - Communicate with everyone involved to ensure that everyone is in agreement with the strategy for each claim. Return to work is more likely to be successful if the worker is involved in the process. Get to case conferences to ensure that the Nominated Treating Doctor is aware of the type of tasks and suitable duties that you can offer.
5. Safe Workplace - The best way to decrease your workers compensation costs is by providing a safe work environment and to minimise injuries to your staff.
