Choosing Better Insurance

In most states, it is required for your company to purchase and keep workers' compensation insurance if you employ workers. Now, this is not a cheap expense. However, there are some ways in which you can help to keep costs down, while still ensuring that your employees are properly taken care of. In fact, here are three of them:

Tip #1: Make Certain That Safety Is a Priority

The first step in reducing the number of accidents that occur on-site, and thus lowering your overall workers' compensation insurance premium, is to make a strong commitment to workplace safety. If your budget allows for it, bring in someone to conduct a safety evaluation and then make any changes that are suggested.

You also need to review your existing safety and training programs and bring them up-to-date, if necessary. Conduct regular seminars with your employees to ensure that your employees are always current on the latest safety rules and equipment training. After all, work-related accidents and injuries tend to occur when employees are not properly trained.

Tip #2: Establish a Return-to-Work Program

When workers are injured, it is important that they get back to work as soon as possible. This not only helps your bottom line, but it helps your employee and your workers' compensation premium, not to mention the fact that it helps to minimize the risk of your company facing a workers' compensation claim.

So, how does it work? A return-to-work program can help reduce the time that an injured work loses by helping an employee get by to the workforce in a modified capacity once a physician clears him or her. While the employee may be cleared to come back to work, it may be in a diminished capacity rather than in the same role that he or she was in before the injury, though this doesn't mean that the employee won't go back to his or her original job once cleared to do so.

Tip #3: Review Your Classifications

It isn't uncommon for your business to be improperly classified due to a clerical error. Unfortunately, these can be very costly. For example, if you own a construction company, your assistant could have accidentally been classified as a carpenter. The difference in the workers' compensation rate for a construction worker and a clerical worker is significant. Therefore, it is important to have your insurance agent review your classifications on a regular basis to make sure there aren't any discrepancies.

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