Michigan Workers Comp Insurance: How Can Your Business Reduce Workers Comp Costs? (3 Steps To Take)

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Here’s how one company dramatically reduced their Workers Compensation Insurance premiums.

In a competitive sector like manufacturing, managing operational costs is crucial for profitability, especially for a large cost like workers' compensation insurance.

A local manufacturing company in Southeast Michigan that we worked with demonstrated how targeted strategies can significantly cut these costs.

They faced high premiums that continued to rise year after year due to frequent accidents and lengthy recoveries, and they took decisive steps, offering a blueprint for other businesses.

First, they initiated a safety program, conducted a hazard analysis to mitigate issues, essentially finding the trouble areas in their plant and facilities where a majority of the injuries stemmed from.

They got rid of or upgraded old equipment and redesigned a few workstations, and finally, mandating safety training as a part of their employee onboarding process.

This led to fewer accidents and reduced claims.

Second, they rolled out a return-to-work program, developing modified duties and part-time hours for recovering workers, which sped up their return and decreased the claim costs and times.

Last, they addressed misuse with a zero-tolerance approach,

They created a transparent process for claim investigations to deter dishonest claims, which resulted in cost savings and ensured program integrity.

By focusing on safety, a return to work program, and misuse prevention, this company cut their workers' compensation costs by 30% within a 3 year time period, and also enhanced workplace safety and productivity.

This highlights the effectiveness of proactive safety, return-to-work policies, and misuse prevention in not just lowering insurance premiums but also fostering a culture of safety and respect, essential for a businesses success.

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**DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN DISCRETION. THIS VIDEO INCLUDES MICHIGAN INFORMATION ONLY.