The majority of employers are required by law to carry workers compensation insurance. A workers compensation insurance policy will cover the expenses, such as medical bills and lost wages, if an employee is injured at work while on the clock. While having a workers compensation insurance policy is mandatory for most companies, that doesn't mean that any business wants to pay more in insurance premiums than necessary. Luckily, there are things that an employer can do to make their workers compensation insurance premiums more affordable. Use the following tips for reducing your company's workers compensation insurance premiums:
Utilize the Services of an Experienced Insurance Broker
One of the keys to securing the best workers compensation insurance rates is shopping around. However, most business owners and upper-level management don't have the time to request multiple insurance quotes, nor do they know where to look for the best rates. When you want to reduce your company's workers compensation insurance premiums, your best bet is to utilize the services of an experienced insurance broker. An insurance broker who specializes in workers compensation insurance policies will have the skills and expertise needed to look at all of your options and help you find a policy that has ample coverage as well as the lowest rates available.
Invest in a Workplace Safety Program
Insurance companies offer a lot of discounts on premiums, but you may need to put in a little bit of effort to qualify for them. One way to lower the price of your workers compensation insurance premiums is by ensuring that your company's workplace is as safe as possible. This can be achieved by investing in a workplace safety program that all employees understand. Workplace safety training can help reduce accidents and prevent workplace injuries. Just make sure that your company's workplace safety program is documented and in writing so you can submit the information to your insurance company.
Make a Plan for Light Duty Return to Work
Your company can be diligent about making the workplace as safe as possible, but, unfortunately, employee accidents/injuries may still occur. In order to keep your workers compensation insurance premiums as low as possible, make sure that you have a light duty return to work plan. The larger the claim on your workers compensation insurance policy, the more your premiums go up. If you have a light duty return to work plan, an injured employee may only need to be compensated for a week of lost wages, instead of multiple weeks/months of wages.
Contact a company that offers workers compensation insurance for more information.