How to Lower Workers Compensation EMR
At the beginning of each fiscal year, your insurance agency will provide you with your Experience Modification Rate, or EMR. This value serves as a multiplier to calculate your annual workers' compensation insurance premium
. EMR may lower or raise your premiums based on the history of safety and injury claims that your company exhibited over a three year period. It is also the most direct method of calculating a return on investment on work safety investments. By implementing practices that lower your injury loss rate, business can save tens of thousands of dollars annually on premium reductions.
The most direct way to lower your EMR is to institute a Work Safety policy that is supported and promoted throughout the organization. Here are some additional ideas to support Work Safety programs from real world companies.
- Developing a Safety committee to assess and improve communication about safety policy and value
- Creating a Return to Work Policy to encourage workers to return when able and reduce the length of claims
- Initiate Job Classification reviews to communicate job responsibilities to employees and improve expertise
- Implement strategies to generate a Safety Culture including Management Involvement, Incentive Plans, and Injury Claim packets with helpful information
In support of work safety policy, effective management of equipment can further help reduce injuries and lower EMR. Ensure that equipment is operating properly and develop an Out of Service policy to inform team members how to handle malfunctioning equipment. Conduct work hazard analyses to identify equipment to reduce injury risk. And remember that each work site is unique, and the value of input from employees operating equipment is highly valuable when developing policy.
Mobile Flatbed Work Platform
The IAS Flatbed Work Platforms provides a safe work area for inventory counts, tie down, stationary trailers and more. Standard at 4' or 8', the platform features stake rack mounting hooks, slip resistant tread, a modular safety rail, and ANSI rated weight support. Contact IAS at (800) 388-6884 for more information or to place an order.