Boulder Insurance Update
It is true that no company will be free of Workers’ Compensation claims completely. Accidents do happen, and that is why you have Workers’ Compensation Insurance. The goal should be to develop a pattern of reduced claim numbers and claims costs from year to year.
Having good job descriptions, safety, and claims management programs are a sure way to help your company improve its Workers’ Compensation experience. Why is this important? Because according to data from such sources as the U.S. Bureau of Labor Statistics as well as the NCCI, inexperienced and untrained workers account for a disproportionately large portion of lost time claims.
Developing hiring practices that are focused on Workers’ Compensation claims reduction can be another way to reduce costs. Hiring the best qualified candidates can have a direct impact on your Workers’ Compensation costs. There are specific steps you can take to recruit and hire more effectively that can reduce potential Workers’ Compensation and Employment Practices Liability claims. Here is our three point process to help you get your program off the ground:
If you do extend a job offer, make it conditional, contingent upon the candidate’s ability to perform the functions of the job. Always have a 90 day probation period for all new employees.Many people do not realize the importance of commercial insurance products and are reluctant to spend a decent amount of money on it. Finally they realize their mistake too late to correct it, as their insurance product does not provide adequate amount for the damages caused by an external agent. Commercial insurance products make sure your company is successful and safe through both favorable and unfavorable times.