Historical WCB Claims can be a Source of WCB Cost Savings
Ok, so you’ve made sure that your business is classified in the correct industry, at the correct rate and you’ve made sure that an new and current claims are under control and being managed in a timely manner, is there anything else you can do to ensure that your WCB costs are as low as they can be? Perhaps there is, a review of a claim from a historical perspective can identify areas of WCB cost savings, relief or cost removal on older claims and even claims that have been closed. Any reduction in WCB claims costs can have a positive impact on WCB premiums, which in turn can result in lower premiums and even premium refunds for prior years. Confirming that all the costs associated with a claim are directly related to the injury sustained on that claim ensures that an employer is not being overcharged, wrongly charged or […]
How Current WCB Claims Management can control costs
Although your WCB Industry Classification is the foundation on which WCB premiums are established, the most effective way of keeping WCB costs down is to prevent workplace accidents and injuries. To be accident/claim free ensures that you will pay the lowest possible premiums based on your classification, however this is not always an achievable or realistic goal regardless of how many precautions you take. Accidents happen, that’s why they are called accidents but even a reduction in the number of claims, the length of a claim and/or the severity of an injury can have a positive impact on WCB premiums. That is why it is critical to be proactive with an injury or accident and manage a claim closely from the onset. In short, WCB claims management is key to controlling WCB costs. As the Alberta economy takes a hit virtually every employer is affected, cost cutting measures are implemented […]
Do falling oil prices affect WCB premiums?
Falling and fluctuating oil prices have a far reaching effect not only within the oil industry but for Alberta businesses as a whole. It is not just profitability that takes a hit but a changing work environment can lead to a greater risk of accident or injury, an increase in WCB claims and ultimately higher WCB premiums. As employers, we look for ways to protect our bottom line by reducing costs wherever and whenever possible, this can include layoffs, reduced work hours, increased responsibilities and restructuring – essentially trying to do more with less. This changing work environment can lead to an increased potential for workplace accidents and injuries, which in turn affects WCB premiums and ultimately increases operating costs. How to manage WCB costs There are several measures that can be taken to reduce, contain or maintain your WCB costs. One of the initial areas to look at is […]
3 Key Components to Ongoing Workplace Safety
North America Occupational Safety and Health (NAOSH) Week is a time set aside for all employers and employees to review, renew and revamp the health and safety practices of their workplace and work environment, as well as reflect and remember those workers who have been hurt or killed on the job. Although NAOSH week this year was May 3rd – 8th, the importance of injury prevention and safety in the workplace should be a year-round process. Preventing or reducing workplace accidents and injuries can result in fewer WCB claims, lower WCB claims costs and ultimately impact WCB premiums. Three key components of accident and injury prevention are education, experience and attention 1. Education Education is the cornerstone of every job and occupation. Understanding the procedures, expectations, materials, tools, environment and hazards of a job is one of the initial steps of employment whether you are a new hire or a […]
April 28th – National Day of Mourning
As I was thinking about writing this post, news reports and tweets were coming in about two industrial accidents. One in Edmonton, where a man still remains in critical condition in hospital after being buried under a dumptruck full of gravel and sand, and another in Toronto, where a construction worker died after falling from the third floor of tower under construction in the downtown area. Sadly, this last accident was the third industrial death in Ontario in a little over a month. April 28th marks The National Day of Mourning in Canada, a day of remembrance that was officially recognized by the Canadian government in 1991 — a time to acknowledge the people who lost their lives or were injured on the job. Since 1991, The Day of Mourning has spread to about 80 countries and has been adopted by the AFL-CIO (American Federation of Labour and Congress of […]