After you purchase workers compensation insurance for your business, you may feel as if there is nothing to learn from loss control insurance experts. If you find yourself filing multiple claims during a policy period, your policy premium has been skyrocketing, and you have lost precious time waiting for your employees to recover from their work-related injuries, loss control services can help save you from this headache.
Why Should You Use Loss Control Insurance Services?
Workers Compensation premiums are directly affected by the number of losses you report during a policy term. While carrying workers compensation coverage is mandatory, risk management is crucial if you want to keep costs and workplace accidents to a minimum. Luckily, both insurance companies and agents can provide resources to help you manage loss in your business.
What Is a Loss Control Inspection?
Workers compensation insurance carriers provide loss control inspections or surveys to determine any possible hazards in the workplace. Hazards include flammable materials, water leaks, and slippery surfaces. In addition, workplace practices can be hazards. If you have not instructed employees on how to lift heavy objects or operate complex machinery, this can result in employee injuries. When an insurance carrier sends a loss control consultant to your workplace to conduct an inspection, they can identify the existing hazards that are more likely to lead to a loss.
Loss Control Recommendations
Once a loss control consultant determines the hazards present in your workplace, they give suggestions on reducing or removing hazards and improving your workplace safety. After the inspection, they will often follow up to ensure you have reduced or eliminated the identified risks. Depending on the severity of hazards, some business owners can see an immediate reduction in workplace injuries. Insurance companies account for claims frequency when determining your policy cost, so a safer workplace equals a reduction in premium.
Request a Workers Compensation Quote
Are you unhappy with your workers compensation coverage? Do you need loss control assistance to reduce workplace injuries? We can provide competitive quotes and expert advice.
Loss control services are perfect for large or small businesses that offer a product or service with risks attached to it. For example, construction companies provide inherently dangerous services, and workplace injuries are common when workers have to move heavy items or climb onto high surfaces to perform repairs. Food service workers may be at risk due to the products they serve—burns and cuts can cause serious injuries.
By identifying the hazards that frequently lead to accidents, business owners can use risk control methods to either remove, reduce, or outsource the hazardous activity. Suppose a construction company has had multiple accidents due to workers falling from roofs. To reduce their claims, they could choose to hire a roofing subcontractor to take on the risk, stop doing roofing repairs altogether, or only allow specially-trained workers to perform roof repairs. Any of these methods would reduce losses, so it is up to the individual businesses to decide what is right for them.
Still Unsure How to Manage Loss in Your Business?
You have scheduled a loss control inspection with your insurance compensation carrier, but you’re not sure what they will find or how you will make the changes they request. As a busy small business owner, it can be difficult to find the time to schedule an inspection and even harder to decide what safety measures to implement.
Our loss control experts at Southpoint understand that risk management can be challenging to implement, which is why we will accompany our high-risk partners during their loss control surveys and help them determine how to implement safety measures. Contact our experts today to learn more about our workers compensation carriers and the loss control services we can provide.