Working to protect your employees from accidents on the job is an essential part of being a smart business owner. And in most states, all businesses with one or more employees are required to carry workers’ compensation insurance. While this type of coverage can seem like just another expense that you must include in your budget, workers’ comp coverage is essential for protecting your employees following an injury or job-related injury. Additionally, it is necessary to help avoid costly legal fees and paying out-of-pocket for medical expenses. But that doesn’t mean you can’t find ways to lower your annual workers’ comp insurance costs. Keep reading to learn more.
How Can I Save on Workers’ Comp Insurance Costs?
In Wisconsin, all businesses with more than three employees are required to carry workers’ compensation insurance by state law. However, your rates and that of other neighboring businesses can vary greatly. This is because the rates that you pay for workers’ comp coverage is determined by your industry type and the likelihood that your employees may be injured while performing work duties. For example, if you run a landscaping company, you will likely have higher rates than your local florist. While you can’t change these factors, there are other ways that you may be able to lower those workers’ compensation insurance costs.
Start with the Right Insurance Agent
To find the most comprehensive and affordable business insurance policy, it pays to work with an experienced independent agent. Unlike captive agents who only represent a single insurance provider, independent agents work with several different companies to provide their clients with options. Studies show that on average, an independent agent represents 3 to 8 different insurance companies. Additionally, independent agents are always available to assist in the claims process. They will typically check your coverage options periodically to make sure you are taking advantage of all available discounts that you may qualify for.
Set Up a Safety Program
Many states require employers to train staff using a written safety program because they are effective in preventing workplace accidents and demonstrating to insurance companies that your company is serious about creating a culture of safety first. To become eligible for possible insurance discounts, your company should make sure that you are documenting all staff safety training hours, and training updates, and make sure that employees sign paperwork stating that they have read and received all safety materials provided.
Consider the Benefits of Drug Screenings
If one of your employees uses drugs or alcohol while they are on the job, they will eventually cause injuries to themselves or another staff member. And there is plenty of research data available that shows business owners spend twice as much on workers’ compensation costs for intoxicated employees versus their sober peers. Pre-employment and random drug screenings are a great way to promote a drug-free workplace and keep your team safe while they’re on the clock.
Implement a Return-to-Work Program
Even with your best efforts to avoid them, accidents at your workplace will happen. And your valuable employees will need time to recuperate from their injuries. But training new team members is costly and the longer your current employees are away from their positions, the more you will have to pay in workers’ comp benefits. A return-to-work program makes it easy for employees to assume their position after an injury—even if they work fewer hours or take on a modified roll. Just make sure you’re following advice from their doctors before bringing them back to avoid possible legal issues.
Contact Anton Insurance Today
Interested in learning more about the benefits of investing in comprehensive business insurance protections. Call (920) 623-9305 or contact us for more information and be sure to request a free workers’ comp insurance quote today.