Are you a business owner in New York? If so, you may have heard about Industrial Code Rule 60, which is sometimes also known as the Workplace Safety and Loss Prevention Incentive Program. One of the most appealing things about it is that it could save you quite a bit of money, but another massive benefit is that it’s designed to foster an environment that makes your workplace safer for your employees. In other words, it’s a win/win!
The reality, however, is that CR60 is a rather confusing thing to parse out. Not to worry though, because Workers Comp Cost Relief is here to provide you with all of the information you need to make sense of it all. After all, up to a 10% savings is pretty appealing! Your programs need to be approved by the Department of Labor here in New York, and if your business qualifies for Industrial Code Rule 60, it can be a positive thing. Costs for workers compensation can be incredibly high. Fortunately, having certified loss control programs in place just might be the answer you’ve been looking for to improve your bottom line and make your workplace a safer place to be.
A Look at the Programs
The idea behind CR60 is that employers can apply with the NYDOL for a discount of up to 10% on workers compensation insurance premiums. The catch is that they have to have certain programs in place. That’s where we come in. Because programs can be specifically customized to suit the needs of your company and your employees, it is an incredibly beneficial thing to consider.
There’s a choice between three programs: 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.
In our previous post, we took a good look at the safety program, its benefits, and what it could look like for your company. In today’s post, we’ll tackle the second program — the drug and alcohol prevention program. Be sure to stay tuned for our next post as well where we’ll be tackling the return to work program incentive. Every workplace can benefit from a drug and alcohol prevention program, so if that’s something you’re interested in, keep reading to learn more.
Learn About a Drug and Alcohol Prevention Program
One important thing to note about this program is that it 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. You can learn more about eligibility requirements on our New York State Law page.
Substance abuse is a big threat to the safety of employees in your workplace. A cause for accidents and injuries, it can also cause your workers compensation premiums to go through the roof. In addition to decreasing employee productivity, it can also contribute to high turnover, medical costs, and jobsite injuries.
Did you know that substance abusers are three to four times more likely to be involved in workplace accidents? They’re also five times more likely to file a workers compensation claim.
The solution, of course, is a drug and alcohol prevention program. Not only does it teach your employees about the dangers and consequences of using drugs or alcohol while they’re on the clock, but it can also help to prevent accidents and help your employees solve the problems that have an effect on their work. You want your employees to be happy and healthy, and the drug and alcohol prevention program might just be the perfect solution.
Here’s a statistic that may cause it all to come sliding into focus: the average that employers can save is between $5 and $16 for every $1 they invest into programs like the drug and alcohol prevention program. It also means that your workers comp insurance premiums can drop in addition to reducing costs for disability, medical, and pharmacy!
Get a Free Consultation Today
We’d love to provide you with a free initial consultation, and as an independent loss control services organization, our highest priority is to make your company a safer place to work while saving you money in the process. We only earn a fee after our programs are approved by the New York Department of Labor
Have a question? We’d love to chat with you! Contact us today to get the help you need, and rest assured that you’re in good hands with Workers Comp Cost Relief.