A worker's comp claim can be very costly to your business as you’ll have to pay an employee’s medical costs in addition to their lost wages. However, most of your expenses are likely to come from indirect costs, which can include everything from an immediate work stoppage that occurs as a result of the accident to the resources it takes to process the claim itself. You may also have to make a substantial investment in training a new employee while facing higher workers' comp insurance rates.
Given the costs associated with a workers' compensation claim, finding ways to reduce the number of claims is a top priority for many companies.
Reducing Costs by Address Preventable Injuries
What many managers do not realize is that more than one-third of all workers' compensation claims stem from preventable, musculoskeletal injuries. Addressing these injuries through a robust injury prevention program has proven to significantly reduce the number of claims filed and the associated costs with those claims.
An international beverage distributor was suffering from ballooning workers’ compensation costs that were severely impacting the company’s bottom line. After analysis, much like national research has shown, it was learned that the largest contributor to workers’ compensation claims was preventable muscle sprains, strains, and tears. Those preventable musculoskeletal injuries made up more than 46% of the claims costing $5.6 million in one year alone.
After implementing a comprehensive injury prevention plan, which included job-specific movement coaching, ergonomic changes, and risk-reduction education, the company saved more than $3.35 million in reduced musculoskeletal workers’ compensation costs over four years.
Tips for Lowering Workers' Compensation Costs
Reducing workers' compensation costs by addressing musculoskeletal injuries can start as quickly as tomorrow. Briotix Health has created a simple infographic with tips that can be implemented now to begin reducing the risk of injury for your workers and lowering the workers' compensation costs for your company.
Free Webinar Download on Reducing Workplace Injuries
Additionally, Kim Hansen, Athletic Trainer, recently delivered an educational webinar on "The Hidden Costs of Musculoskeletal Injuries and Five Tips for Lowering Workers' Compensation Costs in 2020." You can download that free webinar by clicking below.
If you'd like to learn how Briotix Health can help your company lower workers' compensation costs with a customized injury prevention program, contact us today.