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Looking at some ways to reduce workers’ compensation costs

For injured employees, workers compensation benefits are an important source of support after a serious workplace accident. This is particularly true of cases where an employee suffers permanent injuries that will impact his or her ability to return to the same work. As important as these benefits are for employees, though, employers also have an interest in managing workers’ compensation costs.

There are a variety of ways to manage the costs of workers’ compensation. One way is to improve workplace safety and hygiene, which can be done by adding safety features, improving training, and better managing personnel. Reduction in accidents will translate into reduced workers’ compensation costs.

Another way to reduce workers’ compensation costs is establishing workplace policies and practices for early reporting of accidents. When employees wait after having been injured on the job, further injury can occur and this can result in additional workers’ compensation costs. In addition, implementing a return to work program and vocational rehabilitation services for injured employees can help ensure that workers don’t remain on workers’ compensation longer than necessary.

Subrogation is another way employers may be able to have their workers’ compensation costs reduced. Subrogation refers to right of the Bureau of Workers’ Compensation to seek payment from third parties who cause workplace accidents. The BWC is able to seek past payments of compensation and medical benefits, as well as the estimated cost of future compensation and medical costs, from these parties. Amounts the BWC recovers in subrogation are credited back to the employer’s account. One way employers can participate in subrogation is to notify the BWC if an injured worker or the worker’s dependants are seeking compensation from a third party.

In our next post, we’ll talk about workers’ compensation fraud and how an experienced attorney can help an employer minimize its exposure to unnecessary workers’ compensation costs. 

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