A good insurance partner does more than cover your risks, it helps you avoid them altogether. ICW Group takes worker safety seriously, putting a lot into our workplace and employee risk management education and consultation. It’s important to the health and safety of your business, and everyone in it, to understand what goes into risk management: what does it mean to have a comprehensive risk management program? What are the important risk management steps needed to protect both your workers and your business from harm? Read on to find out.
What is Risk Management for Workers’ Compensation
When it comes to work comp insurance, risk management means creating a safe workplace where health and safety practices are prized and rewarded. Any good risk management definition will also include an aspect of regulatory compliance, but should go beyond just what is mandated by your state, to create a culture of safety throughout your organization.
In addition, many states offer a workers’ compensation premium discount if a policyholder has a safety program that meets certain criteria as determined by the state. This can include aspects like:
- A written safety policy
- Regular safety inspections
- Safety trainings
- Claims and accident investigation
ICW Group has many resources to help boost your workplace safety, like this article on Top Risks and this one on how to Avoid These Top Workplace-Related Risks. For compliance education, check out these pieces on OSHA Compliance. See below for even more ways we help keep you safe and train your team to do the same!
What’s Involved in a Risk Management Program
- Risk Assessment
A good risk management program begins with an evaluation of the inherent risks of your workplace that can then provide a risk assessment template to follow for best safety practices. For example, ICW Group customers can schedule one-on-one personalized safety consults to work with a dedicated risk management consultant who will check that your safety procedures match your organization’s needs and that proper precautions and trainings are in place to manage the risks. Don’t forget that a key part of this process is ensuring commitment from all levels of the organization to enforce and encourage these safety practices.
- Compliance
It’s also important to consider compliance and risk management. Regulatory agencies like OSHA create their policies based on highly validated risk data. They are designed to keep workers and businesses safe. Making sure you know and can follow regulations is a key part of any workers’ compensation risk management program. To help you stay up to date, ICW Group offers consistent trainings on OSHA compliance throughout the year. Check out our on-demand webinars to learn more!
- Regular Review and Updating of Safety Practices
As your business grows and shifts, so do the risks that come with day-to-day operations. New equipment, changing workflows, and evolving responsibilities all mean that safety procedures shouldn’t stay static. Make it a habit to regularly review and refresh your guidelines so they reflect what’s happening on the ground today instead of last year. It’s equally important to ensure employees stay up to date. Require task-specific training for any specialized work, and build in ongoing training opportunities so your team stays confident, capable, and aligned with the latest best practices.
ICW Group has many resources that can help you stay current, like this Risk Management for Leadership Certificate Series and this article on How AI is Enhancing Risk Management Safety. A good place to start for reviewing your program yearly is this piece on Reviewing Your Safety Program During Safety Month.
- After an Accident Occurs
Risk management doesn’t just mean managing the risk of injury and illness, but extends all the way through the claims process to protect you and your business from mishandled or fraudulent claims. Supervisors should be fully trained on what to do when a workplace injury occurs. While securing appropriate medical care is always the top priority, it’s also important that a claim gets filed promptly and all necessary investigations and precautions are handled in a timely manner. In addition, every organization should be equipped with a well-defined return to work plan that outlines how to offer modified or light-duty assignments and help injured employees transition safely back to the workplace as soon as they are able.
ICW Group can help you create an effective return to work policy no matter how big or small your business is. Click here to find out more.
How We Can Help
ICW Group’s in-house experts offer comprehensive risk management services–our proactive approach helps protect both your employees and your bottom line. In addition to our customized one-on-one safety consults, head to our Risk Management page to see what other services we offer. In addition, our powerful eLearning tool, Safety OnDemand®, is a powerful online learning management system packed with resources. It offers 500+ safety courses, assignable training videos, and more than 800 safety talks complete with presentations and handouts—available in both English and Spanish,and it’s included at no additional cost with your workers’ compensation policy!
You can also head to our online Articles and Insights section to check out the many risk management resources we have there. From the latest compliance risk assessment info to seasonal risk advice, and more, our expert writers have you covered!
