How to Reduce the Cost of Workers Comp
Though workers comp may be required in your state, it doesn’t mean you have to pay a fortune for it. Workers comp insurance helps protect your employees in the event they get injured or sick on the job. Your small business doesn’t need to feel imprisoned by the cost of workers comp. These are some ways that your business can reduce the cost of workers compensation:
Create a Safety Program
A safety program will first, and foremost, prevent accidents and injuries from occurring. Making sure that there is protocol in place to stop accidents before they happen has a twofold effect. In addition to preventing accidents, it can also help reduce the cost of your workers comp. According to Saety and Health magazine, every $1 invested in safety could save your company between $2-6! To help build your safety program, you can consult and expert as well as Your insurance. Make sure to document your new safety program!
Educate Your Employees
Many accidents can be prevented through education. Properly training your employees is an effective way to reduce hazards in the workplace. For instance, make sure that your employees know how to operate machinery. Educating your employees could be as simple as making sure that they wear protective eyewear in potentially dangerous spaces. Education and training is a powerful tool that could help you save a lot of money.
Create a Return to Work Program
A return to work program will help get your employees back into the workplace. The longer that a workers comp claim is open, the more costly it will probably be. Having a set program in place to get your employees back into the workplace will help reduce costs and benefit your workers. A return to work program may allow your employee to work part time, or flexible hours while they recover. It can also help reduce the tension or awkwardness for when an employee returns to work.
Look into Workers Comp Programs
Depending on your state or insurer, there may be programs you can opt into to help relieve some workers comp costs. Typically, programs run by your state will offer reduced premium costs if your company adheres to certain safety standards. For example, for a reduced premium, your company may participate in a drug-free workers program. These programs benefit both you, your company, and your employees.
You can always speak to your insurance agent to get feedback on the best ways to reduce the cost of workers comp. They can offer insight and suggestions for your specific business or industry. They may also be able to suggest discounts that your small business could be eligible for. Workers comp is an important piece of insurance coverage to have. Regardless of the monetary benefits, putting safety first is always a good idea. It is crucial to the success of your business and helps protect your employees. They are the backbone of your company, so taking measures to keep them safe is of upmost importance.
Call an Encharter agent at 888.754.8299 to talk about workers compensation today!