Large corporate risk managers have a tremendous workers’ compensation risk. As a result they have developed very effective ways of managing their risk and are successful in reducing costs. The good news for small and medium sized businesses is that these strategies can be translated to your business as well. Here are some of the ways you can reduce your workers’ compensation costs.
Denver workers compensation is a type of insurance coverage that protects your employees in case of injury or disease during the course of employment. For anyone who is classified as an employee, it is required by law to provide them with Workers Compensation Insurance coverage
According to the Bureau of Labor & Statistics these are the leading causes of workplace injuries.
First number is the total spent and the second is the percent of the total
- Overexertion $15.1B 25.3%
- Falls on same level $9.19B 15.4%
- Struck by object or equipment $5.3B 8.9%
- Falls to lower level $5.12B 8.6%
- Other exertions or bodily reactions $4.27B 7.2%
- Roadway incidents involving motorized land vehicle $3.18B 5.3%
- Slip or trip without fall $2.17B 3.6%
- Caught in or compressed by equipment or objects $2.1B 3.5%
- Repetitive motions involving micro-tasks $1.84B 3.1%
- Struck against object or equipment $1.76B 2.9%
What Does Work Comp Cover?
Most if not all injuries or illnesses that are caused by, through or on the job, are covered under workers compensation laws. Typically the benefits are defined as:
- Medical – cost of medical treatment
- Time loss – lost wages
- Disability/rehabilitation – total or partial disability which may require re training or rehabilitation to return to work
Having workers compensation coverage can save you and your business from costly lawsuits and employee issues. Workers Compensation Insurance protects your business AND your employees, who are oftentimes a huge part of the framework of a company. DCInsurers – Mountain