Your worker’s compensation policy does not have to empty your bank account.
Worker’s compensation is required by law. It is also the best way to give your employees the peace of mind that they deserve in case they are injured while on the job. Unfortunately, worker’s compensation costs can be one of your biggest business expenses. To help you save money on your policy, keep these worker’s compensation savings tips in mind.
- Join an industry or trade association. These groups can help you qualify for group ratings and savings that will significantly reduce your costs.
- Do not report any unnecessary accidents. Ensure all of your employees fully understand what injuries need to be reported and which can be treated on site or a simple visit to the doctor.
- Do everything you can to accident-proof your workplace. Working with your insurance agent will help you identify any potentially dangerous issues.
- Provide an on the job safety program, even if you are not required to do so. Create a written program and regular training session for all of your employees. Give each employee a copy of the program and have them sign it as their receipt.
- Create a drug and alcohol-free work environment. Consider implementing drug screenings for new hires and random testing after being brought onto the team.
- Create a return to work program. Getting any injured employees back to work as soon as possible with a part-time schedule or doctor approved lighter duties will help you close the claim as soon as possible. Create accurate job descriptions for all employees and never allow employees to exceed the physical requirements for their duties.
For all of your business insurance coverage needs to ensure that you have the protection that you and your employees deserve, contact the independent insurance professionals at Phocus Companies in Phoenix, Arizona.
