Outsourcing Workers’ Compensation: The Top Reasons
Outsourcing workers’ compensation is becoming increasingly popular among employers today. When you outsource your company’s workers’ compensation insurance, you can hand off the responsibility of maintaining compliance and cost to a professional employer organization, or PEO, such as Canal HR.
Workers’ compensation is an exceptional security blanket for both employees and employers. If your employee gets injured while working, workers’ compensation provides financial assistance for your injured employee and legal protection for your company.
Workers’ compensation is highly regulated and can cause complex issues for employers. For a business owner, managing workers’ compensation packages and claims can be costly, and it can be difficult to remain compliant with your area’s regulations.
Learn more about the benefits of outsourcing workers’ compensation below.
1) Get Your Employees Back to Work Faster
When you outsource your workers’ compensation to Canal HR, we help your employees return to work more quickly. Our dynamic managed care program is designed to lower medical costs associated with work-related injuries and facilitate the health of injured employees.
Canal HR has an on-call registered nurse to assess employees who need immediate medical attention on the job. For serious injuries, early intervention allows our RN to ensure the proper medical treatment is delivered efficiently. Along with a qualified on-call nurse, we’ve partnered with a network of preferred occupational medical providers to further facilitate the care of injured employees—getting them back to work faster.
2) Save Time and Money by Outsourcing Workers’ Compensation
As your trusted PEO, we handle the routine administrative tasks associated with workers’ compensation injuries and claims. Outsourcing workers’ compensation allocates more time for you to focus on the day-to-day aspects of your company. With additional help from Canal HR, you can resolve claims more efficiently when they occur.
Canal HR’s team of experts understands the complexities of workers’ compensation, saving you time and money on hiring a human resources professional. We take care of risk management, human resources support, and payroll tax administration. With almost 20 years of experience, you can count on Canal HR to manage and maintain a sound process for your workers’ compensation.
3) Lower Rates
Outsourcing workers’ compensation can save your company a substantial amount of money on workers’ compensation insurance rates. Small business owners get hit the hardest with costs, affecting their bottom line. When you outsource your company’s workers’ compensation, you gain access to lower rates.
As a professional employer organization, we can significantly lower your workers’ compensation rates because we hold the power to negotiate competitive programs with insurance providers. We also have the ability to buy benefits in bulk, acquiring better benefits at a lower rate per employee. Small business owners can potentially cut their workers’ compensation costs in half with Canal HR.
4) Reduce Injury
Once you outsource your workers’ compensation, our risk management team can guide your company through the best workplace safety practices. A well-designed safety plan is critical to the success of any business. Your involvement and commitment to safety pays you back with less employee downtime, lower insurance rates and higher employee morale.
Your safety program will include premises and job-site safety inspections and suggestions, while assisting you with planning safety meetings. Our Risk Manager will investigate and process your work-related injury claims, auditing for fraudulent claims. While we manage your claims, we will also keep you updated on your employee’s progress to facilitate an early return to work program.
5) Professional Expertise
A PEO can help ensure a company complies with state and federal employment laws. There are countless workers’ compensation rules and regulations that apply to a company. Not keeping up with the numerous federal and state laws can cost a company an excruciatingly large amount of money.
If you aren’t up-to-date on your industry’s workers’ compensation requirements, teaming up with a PEO can strengthen your company’s compliance. At Canal HR, we specialize in a variety of workers’ compensation services to help your company prosper without sacrificing your focus on running your business.
Begin Outsourcing Workers’ Compensation with Canal HR
Sit back and watch your company thrive when you outsource your workers’ compensation with Canal HR. By partnering with a trusted PEO, your company can promote a safer workplace while controlling workers’ compensation costs. At Canal HR, we offer your business a dedicated team of experts who will work collaboratively with you and your core HR services team.
Schedule Your Free Consultation for Outsourcing Workers’ Compensation Now
If you’re ready to ensure a safer work environment and lower your insurance rates with Canal HR, contact us today. Our highly trained team of professionals will help your business report claims, comply with regulations, and improve the bottom line. For more information about how your company can benefit from outsourcing workers’ compensation, call us now or send us an email to set up a free consultation.