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Workers Compensation: How To Reduce Your Premiums

A frequent complaint from business owners is that Workers Compensation insurance premiums are too high. The fact that workers compensation insurance is legally necessary in most states means that it’s a non-negotiable expense for business owners with employees. Conscientious company owners will want to provide protection for their workers, of course, but the question arises…can you do that and still be mindful of your budget at the same time?

The answer is a qualified, “Yes”.

The first thing you want to do is to talk to your insurance professional to ensure that you are being billed appropriately; mistakes happen, and you want to make sure that you’re only paying for the workers compensation insurance that you need.

You also want to ensure that your employees are classified properly. The premiums vary, depending on their positions in your business. If they have been promoted or moved to other positions, you want to ensure that this information was received by the insurance company.

Rates are based partly on the amount of benefits paid, so the earlier an employee gets back to work, the lower the benefits paid. Work to get your injured employees back to work quickly–but safely. If you need to, you can set up a temporary job for them which is not physically taxing and allows the employee to come back to work on “light duty.”

Start a safety program which is created to keep your insured employees safe. Make sure that the offices are ergonomically correct. If they use industrial machines and equipment, make sure they wear safety glasses and helmets or whatever protective garments are recommended. Require employees who work in a warehouse or delivery truck to wear back braces and make sure they get training in correct lifting.

Whatever you do, you want to keep your carrier informed of safety changes and improvements made to the workplace.

Review your workers compensation annually when you review your other business insurance. Work with your licensed insurance professional and workers compensation carrier to make sure your coverage, risk exposure, and premium are all where they should be.

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