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Controlling Workers' Comp Costs: The Three Key Drivers to Reduce Workers' Comp Expenses - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #116
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In this episode, we dive into the often-overlooked strategies that business owners can implement to control workers' compensation costs. Rob Campbell, an industry expert, breaks down the three big buckets of cost control: risk management, claims management, and insurance policy management. We discuss the importance of HR infrastructure, company culture, and the surprising impact of 1099 contractors on workers' compensation. This episode is packed with actionable insights to help you better manage your workers' comp costs and improve your business's bottom line.
Key Takeaways:
- Workers' Comp Costs Are Controllable: Many business owners underestimate how much control they have over workers' compensation costs. With the right strategies, costs can be managed effectively.
- Three Big Drivers: The main areas to focus on are risk management, claims management, and insurance policy management. These areas provide significant opportunities to control costs.
- HR Infrastructure Is Critical: A strong HR infrastructure, including proper incident reporting and documentation, is essential for minimizing fraudulent claims and providing the insurance company with the tools needed to fight unjust claims.
- Company Culture Matters: A positive company culture can prevent employees from exploiting the workers' comp system. Conversely, a negative culture may encourage employees to file claims unnecessarily.
- 1099 Contractors Are a Risk: Mismanagement of 1099 contractors can lead to unexpected workers' comp liabilities. It's crucial to understand the risks and manage them effectively.
Quote of the Show:
- “ I think a really important thing to know is that the workers comp costs are a lot more controllable than business owners realize” - Rob Campbell
Links:
- LinkedIn: https://www.linkedin.com/in/robertcampbellsdriven/
- Company Website: https://ecompnow.com/
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- Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
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- Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
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