As a business owner, you may be required by state law to have workers compensation insurance in place to protect your employees. Even though you might understand the importance of this type of coverage, and even though you may want to do everything that you can to both protect your employees and protect your business, you might be concerned about the cost of this coverage. Luckily, there are a few ways that you can save money on workers compensation insurance while still ensuring that you have ample coverage.
1. Purchase Coverage Through Your Business Insurance Company
You may already have coverage in place through a business insurance company, such as coverage to protect your business itself from a range of things like natural disasters and lawsuits from customers. If your current insurance company also offers workers compensation coverage, it may pay to purchase your coverage through the same provider. Then, you can receive a discount on your coverage. If you contact your insurance agent, like Brown & Brown of Prescott, he or she can give you more details.
2. Take Proper Safety Precautions
Make sure that you are taking every safety precaution that you can to keep your employees safe. Take steps to make the workplace safer, such as by installing things like railings and warning signs. Also, make sure that your employees have been through adequate training and that they are constantly kept up to date on the latest safety regulations. Not only can this help prevent claims, which can keep your premiums down, but your workers compensation insurance company might provide you with a discount for taking these extra steps.
3. Create a Return-to-Work Program
Many businesses have successfully put together return-to-work programs, which are designed to help injured employees get back to work safely. This can include things such as rehabilitative training and allowing employees to come back on "light duty" until they are fully cleared to return to work. You do not want to break any laws, such as by encouraging employees to come back to work in any capacity before they can safely do so, so it's best to work with an attorney when putting together one of these programs.
As you can see, there are ways that you can slash your workers compensation costs. As an employer, if you follow these tips, you can help ensure that your business and your employees are both protected without spending more than your company can afford.