Implementing cost containment certification for your workers compensation can reduce losses and award a 5% premium discount. Businesses that achieve cost containment have a much safer work environment and a safe workplace attitude among employees, owners and management that can improve morale. Cost containment also generally leads to reduced losses, and in turn, discounted premiums.
The following 6 Steps must be in place for 12 months before a business can apply for the cost containment certification with the Colorado Department of Labor:
- Formal Declaration of a Companywide Safety Policy
- Formal Declaration of a Safety Committee or Coordinator
- Clearly Defined Safety Rules
- Safety Awareness and Training - with least quarterly safety meetings
- Written Designation of Medical Providers
- Written Policies and Procedures for Claims Management
Together with our associates at Workers Compensation Associates, Front Range Insurance Group can assist you in developing your cost containment program. We also have CD's available that have all the needed information including sample safety programs and tool box brochures to use for your safety meetings.