Workers compensation can be a huge line item in your business budget. In order to help you save money, here are some ways you can reduce the amount you spend on workers compensation premiums:
Put your employees’ safety first. By ensuring that you have safety procedures in place will help keep your workers compensation costs low; the fewer accidents and injuries, the better the premiums.
Help your injured employees get back to work. The faster you can get an injured worker back to work, the lower your costs. However, be sure to have an evaluation conducted in order to determine what duties can be performed and what modifications are required.
Be sure your employees are classified correctly. If one worker is misclassified, your premiums may increase, which can impact your bottom line.
Pay a deductible. Employers who pay a deductible on workers compensation can reduce their premiums by as much as 25%, but this does vary by state so be sure to speak with your insurance agent.
Provide safety trainings to your employees. By holding regular health and safety trainings, you can ensure your employees are properly educated on proper safety techniques and measures.
Take proper action. If an employee is injured on the job, be sure to respond with medical attention immediately, as well as providing the necessary paperwork to the appropriate sources, completely and quickly. Delays or negligence in any of these can cause major issues, such as lawsuits and fines.
If you need help with your business insurance needs, contact Brazelton Insurance Group today.