How to Reduce Your Workers Compensation Premiums with Safety Software
How do you help your organization get the best price on next year’s workers compensation premium?
The answer is surprisingly simple: safety software. Yes, the same tool you use to build a stronger safety program has a unique role in managing your workers compensation premium.
Safety software harnesses your existing data and lowers your workers compensation premium as soon as next quarter — and keep it lower in the years to come.
Let’s say you have an Ex Mod of 1.2. You’re paying 20% more on premiums than if you had an Ex Mod of 1.0, which is strictly average. Safety software provides unique insights into your safety program, so you can go out and target the biggest risk contributors and then bring down the number and cost of claims — and your Ex Mod with it. By lowering your Ex Mod, you’re saving $0.20 per $100 of payroll premium.
How can software do all that? Let’s dive into how safety software can lower your premiums and help you make a better case for safety to leadership.
Act Quickly with Data Analysis
All your safety activities generate huge amounts of valuable data that you use to make decisions. To make the most of the data, you dedicate hours every week to sifting through all your paperwork. With safety software, you get those hours back.
Safety software offers easy-to-read data analytics and demonstrates safety improvements and weaknesses in real-time. With unique insights based on what’s happening on the ground, you can make smarter safety decisions faster and ultimately prevent incidents.
Preventing incidents lowers your workers compensation premiums — and keeps them down.
Data analysis also makes it easier for everyone dealing with workers comp to make smarter decisions by offering actionable insights for execs, brokers, and underwriters. So, it has your organization’s back not only when it’s time to renew your policy but also when it’s time to ask management for a bump to your safety program budget.
Tap a Button for Evidence of Safety Engagement
As you know, your safety program is only powerful when workers are on board. Without worker buy-in and engagement, even the best safety programs become a list of hopes and dreams.
Safety software not only helps you achieve buy-in by simplifying safety activities, but it’s also evidence of your success — timestamps and all. The more your teams engage with the software, the more evident it is to everyone — especially insurance underwriters — that your team is capable of working together and delivering long-term results.
How does software demonstrate engagement?
It all happens in the app with no added effort from you. All those safety observations, toolbox talk attendance reports, and safety audits generate the data on your behalf. And you can export the data with a few taps of a button.
Safety software also allows you to increase and communicate engagement requirements seamlessly. Let’s say you require five inspections a week. If those inspections don’t happen, you know in real-time by checking the dashboard. Armed with that knowledge, you can intervene ASAP.
The power of safety software is a world away from chasing managers for paperwork and reprimanding them for late delivery — and that’s after a week of digging through papers wondering if it got lost in the shuffle.
Run More Agile Targeted Safety Campaigns
A quarterly examination of your reporting gives you a good indication of any patterns or problem areas. Your Ex Mod demonstrates a reflection of your risk profile compared to the industry. The analytics makes the pattern clear. But what do you do next?
Targeted safety campaigns help you mitigate future risks. With safety software, you can set up and roll out a targeted safety campaign with more agility and, of course, the benefit of data analysis. Use the campaign to:
- develop and disseminate a workplace policy
- conduct and track training
- record testing policies
- create and store paperwork
By taking proactive, targeted steps, you can eliminate incidents and provide meaningful insight into your organization’s safety strategy, which directly informs your workers’ compensation premiums. Talk about a competitive advantage!
Share Results with the People Who Matter
One of the best uses of safety software is simplified communication. You can share information between team members and teams and generate reports for the organization with the tap of a button. Streamlined communication saves you time and money, allowing you to resow resources back into bettering your safety program.
When you use Safesite, you enjoy all of these benefits plus our partnership with Foresight Commercial Insurance. Foresight factors in safety engagement data into your premium while maintaining privacy. Qualifying companies who run their safety programs using Safesite can earn safety credits on their workers compensation policies.
Lower Your Risk and Enjoy Better Premiums
Why is workers compensation so expensive? There’s no good answer to that question, other than to say: it doesn’t have to be. With the right tools, you can help your organization pay only the premium you need to protect your workers — and not a cent more.
Safety software makes it easier to run a tighter ship, and in return, it generates compelling evidence for workers comp premiums that match your needs. So why not get started? Get started by scheduling a Safesite demo.