Expert Tips: Cut Costs by Adding Safety to Your Strategic Initiatives

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Where does the safety and well-being fit into a company’s goals and strategic initiatives?

We often hear of companies promoting wellness to assist employees in pursuing healthier lifestyle goals. Step programs and healthy eating coaching are two example programs prevalent today in the workplace; employers assist employees in making healthy choices and gain, too, through driving down the overall incurred medical costs.
But is this enough? Should the safety and well-being of employees within the confines of the workspace also become part of a company’s strategic initiatives?

Skyrocketing Workers’ Compensation Costs

Mt. Macrina Manor, a nursing home in Western Pennsylvania, turned to Henderson Brothers to address skyrocketing workers’ compensation costs, a workers’ compensation experience modification factor approaching 1.50, and a non-renewal by their workers’ compensation carrier.

A Safety Overhaul

One of the main components that affected the cost savings was a recommitment to the safety program.  Henderson Brothers’ Risk Control Department partnered with Mt. Macrina Manor to take a detailed look at how the current programs were assisting or diverting the safety culture.  It turned out that the fundamental programs were in place and they only needed a few minor tweaks.  The major shift came when Mt. Macrina Manor established a firm partnership with Henderson Brothers to retrain the staff on critical elements within the safety program and an overarching theme of communication and accountability.  This process will be covered in the continuation of this post from HBI Risk Control Specialist Mike Welhorsky.

The Result…

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The insured reduced their average overall losses 86%, and a premium reduction of 61%.
In addition, they have reduced their workers’ compensation experience modification factor forty-one percent to .868 (from 1.50).

There Is Help

If your condition is more like Mt. Macrina before the overhaul from Henderson Brothers, do not despair. Regardless of your situation, it is never a bad time to look at your processes and recommit to improving the safety within your organization and employees.
If you have further questions about how Henderson Brothers assisted Mt. Macrina Manor, or if you would like to discuss the potential way forward to help your business, contact me today.

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Please note that the information contained in this posting is designed to provide authoritative and accurate information, in regard to the subject matter covered. However, it is not provided as legal or tax advice and no representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.