As an employer looking to save a few bucks on workers’ comp, it is important you learn some of the various ways to make it happen. Since workers’ comp provides aids to individuals related to a workplace accident, you might find yourself taking care of medical expenses, lost wages, ongoing care, and funeral expenses.
Though workers’ comp is a requirement for all businesses, it varies in terms of cost from state to state, and even across industries. A lot of factors come into play when it comes to workers’ compensation costs, and knowledge of them will help you save costs in the long run.
- Go Shopping
Shopping for workers’ insurance is almost similar to buying health or car insurance. You have to check around for the best policies if you must get the best. If you work with a Professional Employer Organisation (PEO), you will be able to negotiate for a better rate, especially if you have a large number of employees.
After securing workers’ compensation insurance, it is also paramount to maintain a positive relationship with your insurance company. Perhaps, inviting one of their representatives to inspect your workplace for environmental evaluation for potential hazards will help you keep up with maintenance.
- Have A Safety Program In Place
A safety program is another incredible factor you shouldn’t ignore. Although it is not necessary for most states in the US, it helps reduce the likelihood of workplace-related injuries or diseases. According to Federal and State laws, employers are responsible for creating a safe and conducive environment for their workers.
Irrespective of the kind of business you run, it is paramount to have a safety program and standard protocols for handling hazards and emergencies. It might entail training your employees or, better yet, introducing levels of safety rules they should be wary of.
- A Return To Work Program
You will agree that accidents are one of the inevitables of life. When they happen in your workplace, you have to take the necessary measures or risk spending more on workers’ compensation.
After a work-related accident, your goal should be to get your employees back to the job as soon as possible. The math is pretty simple, as the length of time off work will determine the total amount of insurance benefits received by the injured worker.
When an injury happens, it is important to communicate closely with your worker and offer them an opportunity to return to work, or perhaps contribute to your business in another meaningful way.
Also, working closely with a workers’ compensation attorney will save tons of money in the long run. With their expert counsel, you will make informed decisions. Go ahead and give us a call, or fill our contact form.