Worker’s Compensation

Insurance is one of those things that can seem like a necessary evil, especially if you are overpaying.

Worker’s Compensation insurance is legally required in 49 States and is what pays your employees medical expenses and lost wages if they get hurt on the job. As amazing as this benefit is for your employees, we understand that you still want to keep your costs down.

Here are 4 easy things you can do to save money on your workers compensation insurance:

1) Make Sure Employees are Classified Correctly

There are over 500 job classifications for workers compensation; choosing the correct one can ultimately result in cost savings. People doing high risk tasks pay more money for workers compensation. For example, a roofer would have a higher workers compensation rate than a bookkeeper.

When you are speaking to your broker make sure you tell them all of the different job descriptions your employees are doing. Correctly classifying your employees can make a huge difference!

2) Set Up a Return-to-Work Program

Employers should implement programs that encourage employees to get back to work as soon as they are able to do so safely. A return to work program would allow an employee to do simple or modified tasks to ease them back into the work force. In the long run, your company will pay less the quicker an employee returns to work.

3) Focus on Safety

Many injuries can be prevented before they happen. It is a good idea to make your new employees go through a safety course. The safety course should show them the correct way to do tasks safely. In addition, current employees should go through the same safety training at least once a year. Encouraging employees to not take shortcuts and to do things the safest way possible will prevent injuries and ultimately save you money.

4) Work With a Knowledgeable Broker That Wants the Best for Your Company

You probably wouldn’t marry the first person you see; so you shouldn’t commit to the first broker you speak with if they don’t seem to have your best interest at heart.

Different insurance companies charge different prices for the same coverage. A good broker will spend his time shopping around to find you the best rate. A selfish broker will only give you the rate that they will make the most commission from.

Additionally, Rates for Workers Compensation change frequently, so as a rule of thumb your broker should re-shop around your policy every couple of years.

Working with a broker who has your best interest at heart can save you thousands. Flame Insurance would love the opportunity to prove ourselves and earn your business!