15 Jun Saving Money on Worker’s Compensation for Physicians Offices
There have been many stories in the news lately which discussed the ever-growing “physician crisis” in America. According to these stories, a driving factor in the decline of general practitioners and certain specialists across the country is the high cost of doing business. In addition to the general costs of running a business, the insurance necessary to legally operate and financially protect your business can be cost prohibitive. While you may not be able to control or lower the cost of some of your insurance policies, such as professional liability, it is possible to take steps and begin saving money on worker’s compensation insurance.
Worker’s compensation insurance is there to provide the finances that you need to pay for an employee’s medical bills and income replacement stipend in the event that they are injured on the job. That same policy also protects you from being sued for additional damages as a result of that accident and injury. Generally speaking, your policy premium will vary depending on the statistical probability that your employees will be injured on the job. Taking steps to lower these risks is the best way to begin saving money on worker’s compensation insurance.
In many physician’s offices, the greatest risk for injury accidents is related to patient care. The potential for needle-related accidents, injuries caused by patients, and even injuries caused by helping patients (lifting, supporting, etc) are very real hazards faced by employees in physician’s offices. Following basic Occupational Safety Hazard Administration (OSHA) policies are one way to reduce the potential for accidents and injuries. Additional safety measures which you could enact to lower the risk for injuries would depend on the type of work your office performs.
Even day-to-day office work in a typical physician’s office can present a potential for injury accidents. Lifting heavy boxes, long hours spent transcribing or performing data entry at the computer, and even reaching for patient charts stored high above an employee’s natural reach can are common causes of worker’s compensation cases. Changes to these typical activities, including training about heavy lifting, regular breaks from typing, and even rearranging the layout of the office can lower the risk for injuries in your office.
Another means of saving money on worker’s compensation insurance for a physician’s office would be to solicit quotes from a variety of insurance agencies. Each independent agency may base their worker’s compensation insurance policy premiums on a different actuarial table or set of statistical risk data, so comparing the rates of several different companies may allow you to find a less expensive rate than what you may currently be paying.
Saving money on worker’s compensation insurance will go a long way in helping you maintain a well-protected, yet financially viable physician’s office. The best way to save money on this policy is to reduce the likelihood that your employees could be injured and file a claim. Talk with an insurance agent today to discuss policy premiums and what specific risk mitigation steps you can take in your office. The journey to lower worker’s compensation insurance premiums begins now.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
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