According to estimates, employers spend nearly $1 billion per week on workers’ compensation costs jolasers. The National Safety Council claims that indirect costs surpass the $1 billion mark, to $4 billion per workweek. This is even more astonishing. Do these facts suggest that it is time to trim your safety budget?
This got your attention. I hope so. This problem does not rest on the shoulders only of insurance companies. The responsibility lies with every business owner. Something must be done. Now. The first step to controlling this ever-growing monster is to educate those in charge of workers’ compensation and safety programs. Many of these individuals don’t know the true costs of their workers’ compensation insurance.
Everyone knows that keeping your employees healthy and safe is the number one priority of any company. But companies must remain competitive in order be profitable and to be a key player in their market. Sometimes companies will look at reducing their safety and workers’ compensation budgets in order to save money. This move could cost the company more than it could save. Too often, workers’ compensation and safety budgets can be seen as a gray area. This makes it difficult to really see the value and monitor the benefits of your hard-earned dollars. There is no black or white except for the dollars being paid in workers’ compensation premiums.