Navigating Workers Compensation
Navigating workers compensation can be complex, but adopting proactive strategies can help employers manage costs while fostering a safer, healthier workplace. Locally owned Troy Insurance Agency helps businesses develop workers compensation programs to mitigate risk and rising costs for industries including construction, manufacturing, restaurants, grocery stores, hospitals, and long-term care facilities.
Importance of Health and Safety Programs
The agency has found that implementing health and safety programs to address common risks is crucial, especially when using a loss-sensitive workers compensation program.
Routine Safety Training
“These programs can help identify and mitigate potential hazards, reducing the likelihood of workplace incidents and associated claims,” said Derek Bruce, co-owner at Troy Insurance Agency. “Conducting routine safety training for employees of all ages and experience levels is also essential. Regular training sessions ensure that all employees are aware of safety protocols and best practices, which can significantly reduce the risk of accidents and injuries.”
Reviewing Your Experience Modification Factor (e-mod)
Regularly reviewing your experience modification factor (e-mod) with your insurance advisor is another important step. Your e-mod is an indicator of your claims history compared to similar businesses, and even small changes can have a big effect on your costs. By understanding how your e-mod impacts your premiums, you can take targeted actions to improve your safety record and reduce your workers compensation expenses.
Workplace Wellness Initiatives
“Establishing workplace wellness initiatives aimed at preventing or treating chronic health conditions and improving the overall well-being of your staff is also beneficial and sometimes an overlooked component of a safety plan,” said Chris Raykovich, commercial agent at Troy Insurance Agency. “These initiatives can include fitness programs, health screenings, and nutritional counseling.”
Mental Health Resources
Businesses may also consider incorporating mental health resources and support options within employee wellness offerings. Providing access to mental health services can help employees manage stress and other mental health issues, reducing the risk of workplace incidents and related claims.
Comprehensive Employee Benefits Solutions
In addition to workers compensation insurance, Troy Insurance Agency provides comprehensive employee benefits solutions that address the complexities of modern benefits programs. Their services include plan development and design, supporting services such as wellness initiatives, expanded business solutions including COBRA, executive and individual benefits, and compliance services.
Conclusion
By implementing these strategies, you can better navigate the complexities of workers compensation, enhance workplace safety, and effectively manage costs—all while supporting the well-being of your workforce.
About Us
For over forty years, Troy Insurance has helped the Quad-Cities weather the storm. They remain dedicated to building long-term relationships through exceptional care, integrity, and financial security. The agency partnered with Leavitt Group, a national insurance brokerage. Those interested in a comprehensive workers compensation program review, an insurance quote, or more information about Troy Insurance Agency, visit troyins.com or call 208-743-3541.
Leavitt Group is one of the largest privately held insurance brokerages in the nation with a mission to build, serve, and perpetuate independent insurance agencies as partners with local co-owners. With an extensive network of 250+ locations, Leavitt Group offers a distinctive advantage with local ownership, delivering a personalized and consultative approach to commercial insurance, employee benefits, and personal insurance. With over 70 years in the insurance industry, Leavitt Group brings national strength and local trust to the communities and clients they serve. For more information about Leavitt Group, visit leavitt.com.
