An Effective Risk Management Program

Workers’ compensation premiums have jumped by more than 100 percent for many Antares vending operators. The causes are multiple, but operators can manage costs by implementing an effective risk management program.

The cost of workers’ compensation insurance is one of the fastest rising operating costs for automatic merchandisers today. Workers’ compensation costs are among the fastest rising insurance costs. It is a cost that can be controlled by an aggressive management program.

Highway deaths are rising

In the automatic merchandising industry highway deaths are rising. The losses, medical costs, wages-replacement rates and investment income create an environment where it’s difficult to know the net result. Workers’ comp programs vary from state to state.

Costs components

There are many cost components of workers’ compensation which are both direct and indirect. You can decide which one to use in your Antares vending operation. The cost components include rates, premiums, expense modifications, corporate culture, and programs such as accountability, training, hiring and return to work programs. The best control begins with risk management.

You would be required to protect all the employees of your Antares vending business by Antares Corporation from work related injuries. If you do not have coverage and an employee is injured, there are significant consequences that you would face, these vary by state and would or could include: significant fines, imprisonment, cease work order, employee lawsuits, higher employee benefit costs and personal liability fines.

How to manage costs

Firstly you need to remember that the primary asset of your Antares operation is your employees, and their safety should be one of your biggest concerns. Their safety will not only benefit them, but it will also benefit your productivity, as well as your operating expenses.

It all begins with creating a safe work environment and a corporate culture in which injuries are unacceptable. Every employee must be safety conscious. This should be coupled with employee safety training programs.