Five Ways to Cut Workers Comp Costs

When a towing company encounters considerable increases in workers comp costs, internal initiatives targeted at lowering tow truck insurance costs and spending are typically launched. More than merely averting a few accidents is necessary to cut costs; you also need a sound safety program. Thus, a safety program that complies with OSHA requirements can result in significant financial savings by lowering injuries.

Fortunately, the following actions will ultimately lower workers comp costs. Now let’s discuss.

Methods for Reducing Workers Comp Costs at Your Towing Business

Develop a Robust OSHA Program

To establish a comprehensive safety program that results in a safe work environment, achieves OSHA compliance, decreases accidents, and eventually lowers workers comp costs, follow the below tips:

  • Develop the various programs required by OSHA
  • Integrate those programs into the daily operations
  • Investigate all injuries
  • Provide training to develop safety competence in all employees
  • Audit your programs and continuously improve it on a regular basis

Develop Programs Required by OSHA Standards

OSHA standards are required and effective at lowering workplace incidents. Poorly executed OSHA procedures are to blame for a large number of accidents, such as not keeping walking paths clear can lead to slips, not wearing personal protective equipment can lead to lacerations, and using the wrong lifting techniques can lead to strains.

Comprehensive OSHA regulations reduce workers comp costs, increase employee productivity, and reduce accidents in organizations.

Integrate Programs into Daily Operations

A strategic plan that has been effectively communicated to employees, good execution of that plan based on developed competencies, and a culture that motivates and rewards excellence are all necessary for putting a policy into practice. For any program to be successful, supervisors must get training that equips them with the necessary knowledge and abilities to push it forward.

Investigate All Injuries

Workers compensation is designed to recompense employees for injuries they suffer in the course of their employment. This should not come as a surprise, but increasing numbers of claims drive up workers’ compensation costs. To reduce those costs, you must simply reduce your accidents, and the ability to reduce accidents is significantly enhanced when those accidents are fully investigated instead of simply being reported.

Training and Auditing for Continuous Improvement

Training plays a significant role in safety and in reducing workers comp costs. The purpose of training is to create capable drivers who possess the knowledge, competence, and understanding to carry out their given duties. More than anything else, competence will increase productivity and reduce expenses for your company.

Every employee must know what’s expected of them when it comes to implementing safe work procedures. Once the programs are developed and implemented, they must be reviewed on a regular basis to make sure they’re still relevant and effective.

You may be asking, “do you need a CDL to drive a tow truck?”, refer to our article for more information on training and licensing requirements.

Bottom Line

Tow Truck Insurance Rates is dedicated to assisting you in establishing a strong safety program that reduces your workers compensation exposures. We also have a wealth of information on tow truck business start up costs.

To learn more about our OSHA compliance, safety program, and accident investigation tools and resources, call 770.203.0138 today.




We can help you save on your tow truck insurance.