Chances are that if you’re a business owner in New York, you’ve heard about the Workplace Safety and Loss Prevention Incentive Program. Also known as Industrial Code Rule 60, this program is one that might be on your radar because it could save you quite a bit of money. If you’re not familiar with it, that’s okay. Believe it or not, there’s quite a bit of confusion surrounding CR60, but the good news is that the team at Workers Comp Cost Relief is here to lend a helping hand.
With up to a 10% savings under New York State Law, our team can help you to build programs approved by the New York Department of Labor. In other words, if your business qualifies for Industrial Code Rule 60, it just makes sense for your bottom line to look into your options. As you’re probably well aware, costs in the current climate when it comes to workers compensation can get out of hand pretty quickly. The good news is that if you have certified loss control programs in place, two good things will happen — you’ll have a safer workplace for your employees, and you’ll be able to save some money, making it a win/win.
What Do the Programs Look Like?
To put it simply, if you can create programs that will decrease workplace injuries and reduce workers compensation costs, you’ll save. The general idea is that employers may apply to the Department of Labor for a discount of up to 10% on their workers compensation insurance premium, but they have to establish certain programs.
The good news is that the programs can be tailored to suit your company. You can choose from a safety program, a drug and alcohol prevention program, and a return to work program. You could even do all three. The safety program and the return to work program offer an incentive of a 4% savings in the first year and 2% savings in all subsequent years, and the drug and alcohol prevention program offers a 2% savings the first year as well as in all subsequent years.
It’s the safety program we’d like to discuss in today’s post. If one of the other programs is the one you think would work best for your company, don’t worry, because this is only part one in our blog series, and we’ll be covering the other programs in future posts. However, if the safety program is up your alley — and it’s one that every eligible business could benefit from, to tell you the truth — keep reading to learn more.
Learn About Implementing a Safety Program
One important thing to note: this program is for employers insured through the State Insurance Fund (except those in a recognized safety group) or any other insurer that issues policies for workers compensation in the state of New York. Learn more about eligibility requirements on our New York State Law page.
Did you know that workplace injuries can cost employers as much as $50 billion in direct wages and medical payments each year? It’s a staggering number. As you probably know, injuries and illnesses at work increase the cost of workers compensation as well as the costs of retaining your employees. Needless to say, this can lead to issues with production as well as shortness of staff, and that can cause profits to decrease. That also often means that productivity and morale can take a turn for the worst.
The good news is that Workers Comp Cost Relief can help you to come up with a safety program that’s specifically beneficial to your employees, and approved by the New York Department of Labor. This leads to lessened legal costs, better productivity, reduced turnover, and greater morale in the workplace. Of course another natural benefit is that your workers comp insurance premiums will decrease.
Get a Free Consultation Today
For a free initial consultation, don’t hesitate to reach out to us today. We’re here to provide risk management solutions that are practical and helpful to your company. As an independent loss control services organization, we can help to make your business safer. It doesn’t cost you anything, and we only earn our fee when your programs are approved by the DOL.
Contact us today to get started!