Protecting your employees from accidents on the job is an essential aspect of workplace safety. And in most states, companies with one or more employees are required to carry workers’ compensation insurance. This may seem like just another nagging expense that you must budget for as a business owner. Still, this essential coverage is ideal for taking care of your employees following an injury or job-related injury—and it will also protect your bottom line. However, that doesn’t mean there aren’t ways that can help you lower your annual workers’ comp insurance costs. Keep reading to learn more.
How Can My Company Save Money on Workers’ Compensation Coverage?
If you’ve been struggling to find long-term solutions to help reduce the workers’ compensation costs for your company, you are not alone. There are a variety of workplace incidents that can result in injury or even illnesses, so it’s in your best interest to plan for the worst. Whether you own a law firm, candy store, or construction company, your employees are at risk of injury every day. And everything from carpal tunnel syndrome to a broken back can end up costing a pretty penny in medical bills, lost wages, and other fees.
For businesses operating in Wisconsin with three or more employees, you must carry workers’ compensation insurance. However, it is possible to reduce those costs with one of 3 proven strategies:
1. Set Up a Safety Program
While it’s true that workplace injuries are inevitable, many can be prevented with the implementation of a well-planned safety program. With a safety program in place, you can better identify and eliminate possible workplace hazards that could lead to accidents and injuries. And data shows that the return-on-investment for safety program implementation is high. One particular study showed that for every dollar a company invests in injury prevention, they can expect to receive a $2 to $6 return. This fact may even be why certain states, like California, require businesses to have a written safety program.
2. Build a Return-To-Work Program
When accidents do occur on the job, setting up a return-to-work program can work to create a direct cost-benefit to your workers’ comp claim. Typically, the longer a workers’’ compensation claim remains open, the more expensive it will be. For example, if an injured employee takes longer to return to work, the claim will have to provide much more replacement income for lost wages.
But with a return-to-work program, you can proactively help your employees get back to their jobs as soon as possible—even if it’s in a modified capacity as they recover completely. You may bring them back on a part-time basis or assign them light-duty work, as long as these changes are coordinated with their medical provider. Additionally, a return-to-work program can help you to retain valuable employees and prevent you from having to onboard new talent.
3. Work with an Independent Agency
To find the best rates on workers’ compensation insurance and other essential business coverages, it pays to enlist the help of an experienced independent agent. Unlike captive agents who can only represent a single insurance company, independent agents work with a variety of providers. In fact, on average, an independent agent represents 3 to 8 different insurance companies. This is the best way to make sure you’re investing in a comprehensive insurance policy at the most affordable price.
Contact First National Insurance Today
Ready to learn how you can save on your essential commercial insurance policies and additional coverage options? At First National Insurance, we’re here to help! Give us a call at (715) 762-2000 or contact us today for more information and be sure to request a free workers’ comp insurance quote.
