A Quick Guide to Lowering Your NY Workers’ Compensation Insurance Costs

Workers’ compensation insurance is required in almost every state, including NY. It is an expense that is part of doing business. However, there are ways to lower the cost of your premiums, so they are much more affordable. While you may be required by NY state laws to carry workers’ comp, you don’t have to go broke paying for it.

Here are five effective ways to lower your workers’ compensation insurance costs in NY.

  1. Offer Return-to-Work Options

    Provide employees with return-to-work options that will allow them to get back to earning a paycheck. If they are still recovering, give them light duty for a period that is long enough for them to fully recover. If they won’t be able to return to their old job but still want to work, provide the training they will need to move to a different job. What’s more, your employees will feel better about themselves and their recovery if they are being useful and can pull their own weight.

  2. Implement Effective Safety Programs

    Establish an effective safety program that teaches safety procedures and best practices to reduce the risk of accidents and injuries within the workplace. Teach your employees proper Log Out/Tag Out procedures and how to read MSDS sheets. Provide them with the appropriate PPE (personal protection equipment) and teach them how to use it correctly. It’s also a good idea to teach First Aid/CPR/AED techniques.

  3. Control Medical Costs

    Post-pandemic, medical costs continue to rise. Have a qualified nurse onsite at all times to perform triage if an accident occurs. The nurse can also help the employee get the level of medical care they need. They can coordinate with other medical professionals and help both the employee and employer find positive solutions to the problem. This includes putting together return-to-work options that will benefit both sides.

  4. Proactively Prevent Frauds

    With most workers’ comp claims having some degree of fraud, a good fraud prevention program can help you keep your overall costs to a minimum. If you uncover any type of fraud, deal with it immediately. Don’t let fraudulent behavior go unpunished. Take action immediately, or others will also try to get away with it. Work with your insurance company to create a fraud prevention program to protect you from unsubstantiated claims.

  5. Manage Medical Provider Selection

    After an employee is injured, your onsite nurse can guide them to a medical provider you have already screened, who will help get the employee back to work as soon as possible. While the employee must receive the medical attention they need and deserve, you also don’t want a medical professional who will allow them to stay off work longer than is medically necessary.

If you are looking for ways to make your workers’ comp insurance coverage more affordable, contact the agents at RMS Insurance Brokerage. We have years of experience and can provide valuable information that will cover you and your employees against work-related liabilities.