Risk management
Connecting safety and health and claims management to savings
One of the underestimated costs of business is a workplace injury or illness. Keeping employees safe and working takes dilligent prevention efforts and a healthy claims management program. Injuries cost companies money directly and indirectly.
Direct costs include:
Workers’ compensation insurance,
Legal costs,
Repairs of damaged equipment and property, and
Time and resources.
Indirect costs include:
Training replacement employees,
Accident investigation and implementation of corrective measures,
Lost productivity
Lower morale
Absenteeism
When do workplace injuries affect insurance premium?
Workplace injuries and illnesses affect your industrial insurance premium for years following the claim initiation.
Industrial insurance premiums can increase up to 25% each year. Likewise, they can only decrease by up to 25% each year with few exceptions.
These short videos can help you learn how to save money!
Employer’s Guide to L&I Workers Comp
This brief overview of Washington's workers' compensation insurance provides some understanding of a complicated system.