Worker safety is one of the most important considerations for any business, let alone contractors. Injuries have dramatic effects on a company's bottom line, with indirect costs totaling between four and ten times the direct cost of the injury to an employee. So, quality safety standards and programs are important to keeping a business running and its employees happy. One way to measure the safety standards of a company is the EMR.
What Is An EMR?
An EMR, or experience modification rating, is used to determine workers' compensation premiums. Insurance companies will use an organization's EMR to determine the cost of past injuries that required an insurance claim to be filed. It's similar to a credit score. A third party uses a company's insurance history as an indication of future risk.
The average EMR is 1.0. If a company's EMR goes below 1.0, it is considered to be safer than average. Insurance companies charge lower premiums to contractors whose EMR falls below 1.0. However, if the EMR goes above 1.0, then the company will be considered riskier than the average for insurance purposes, which means higher premiums.
Why Is An EMR Important?
Since companies with lower EMRs pay lower premiums, those companies will have more money to put into other places, such as projects or employee salaries. This is especially important for larger operations that have to provide compensation for many employees. And, with less money paid to insurance companies, more money can be put into continuing to make the company safe for workers.
Because an EMR is an official measurement based on past worker's compensation claims, it is one of the most reliable methods of determining the quality of a company's safety standards. A low EMR helps to show that a company has safety programs in place that can prevent injuries from happening. A lack of injuries means no insurance claims, which leads to a lower EMR.
A Proven History of Safety Excellence
Pipe and Steel Industrial has been in business since 1998. Since the beginning, we have strived to provide not only high-quality service to our customers but also an excellent work environment for our employees. The safety and happiness of our employees have always come first at Pipe and Steel.
So, how do we measure up? Well, we are proud to say that we have managed to attain an EMR of .72, which is one of the lowest ratings among our company's category. Obtaining such a low rating was only possible through caring for and taking care of our workers. We have made our working spaces as safe as possible, providing the necessary protective gear for our welders, as well as proper training and the right machinery for every job.
And, we've been recognized for all of our hard work. In 2020, Pipe and Steel Industrial was presented with the Louisiana Workers' Compensation Corporation (LWWC) Safest 70 Award for the eighth year in a row. Every year, this award is given to the top 70 safest clients of Louisiana's biggest workers' compensation insurance provider, and we're extremely proud to receive this recognition.
Our company has a reputation for quality work and taking care of our people. We know what we excel in, we minimize costs at every turn, and our safety practices have made us a leader in the industry. To schedule a visit to our facilities, contact us. Or, you can take a virtual tour, and see the quality of what we do firsthand. And if you find that Pipe and Steel is the right company for you, then come join us!