Workers Compensation Risk Management in Machine Dealer Insurance

Many exposures are created in machine dealer insurance by the variety of operations inherent in the business. This can result in high workers compensation premiums. To decrease incidents and lower insurance expense, business owners often turn to risk management strategies. Here are some methods that have proven effective in reducing claims:

Employee Education

Educating employees about proper procedures and accident prevention is the first step to effective risk management. Different hazards exist for the various aspects of the business. Sales personnel, delivery drivers, machine installers and repair technicians all perform specific tasks that call for their own precautions. Each person should be knowledgeable of the safest way to carry out necessary duties.

Correction of Possible Hazards

All workers need to be on the look-out for situations that could be perilous, and steps should be taken to mitigate possible dangers. Supervisors should evaluate business practices on a continuing basis to identify potential problems and find alternate methods that could improve safety.

Partnership with Insurer

Insurance companies that specialize in machine dealer insurance frequently provide programs to assist companies in finding effective strategies of risk management. Some insurers offer workers compensation insurance that pays dividends for decreased claims, rewarding the company’s successful safety practices with lower premiums.

Reducing incidents lessens overall loss for claims and can also bring down the cost of workers compensation insurance. Aggressive risk management programs can be of great financial benefit to machine dealers.

 

photo credit: Mario Crema cc
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