8 Tips to Cut Your Workers Compensation Insurance Costs

8 Tips To Cut Your Workers Comp Costs

You are required by law to carry workers compensation insurance if you have at least one employee besides yourself. It can run over $2.00 per work hour per employee. That makes finding cheaper workers comp coverage for your small business a major goal. Here are some tips to cut your workers compensation insurance costs and still meet the legal requirements.

  1. Join a trade or industry association. That helps you qualify for significant group rating savings.
  2. Avoid unnecessary accident reporting. Make sure your employees understand which injuries should be reported and which can be treated with on-the-job first aid or a simple visit to the doctor.
  3. Accident-proof your work place. Your insurance agent can help you identify potential hazards.
  4. Have an on-the-job safety program. Even if your state doesn’t require it, it’s a good idea to have a written program and regular training sessions for your workers. Remember to give every employee a copy and have him or her sign a receipt for it.
  5. Be a drug- and alcohol-free zone. Consider pre-employment drug screening and random testing after hiring.
  6. Put a return-to-work program in place. You want to close a claim as fast as you can. You do that by getting an injured worker back on the job with doctor-approved lighter duties or a part-time schedule.
  7. Write accurate job descriptions for every employee and don’t allow anyone to exceed the physical requirements of his or her written duties. 
  8. Shop around. Review your workers compensation coverage annually. You can easily compare policies and costs online. Learn more here.


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