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 comp costs and still meet the legal requirements.
- Join a trade or industry association. That helps you qualify for significant group rating savings.
- 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.
- Accident-proof your work place. Your insurance agent can help you identify potential hazards.
- 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.
- Be a drug- and alcohol-free zone. Consider pre-employment drug screening and random testing after hiring.
- 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.
- Write accurate job descriptions for every employee and don't allow anyone to exceed the physical requirements of his or her written duties.
- Shop around. Review your workers compensation coverage annually. You can easily compare policies and costs online. Learn more here.
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