Workers’ compensation costs are skyrocketing. In some industries considered high-risk, businesses are seeing their costs become almost unmanageable. However, here are three easy cost saving strategies you could try to reduce your workes’ compensation premiums.
- Prevent workplace injuries and illnesses. You’re thinking, “well of course our goal is to prevent workplace injuries and illness”, but that often requires going beyond compliance with Occupational Safety and Health Administration (OSHA) regulations. It means taking the time to examine the nature of your past workers’ compensation claims to identify high-risk areas and then provide on-going training to your employees.
- Shop around. Businesses should research policies with larger deductibles, state-based assigned-risk pools, or group self-insurance, which is typically offered through state-based trade association to secure the best possible rates.
- Consider self-insurance.. Rather than purchase insurance, employers can choose to self insure their workers’ compensation liabilities on behalf of their employees for reasons of cost effectiveness, greater control over their claims program, and increased safety incentives with improved loss control results. Check your state guidelines to see if you are eligible to self-insure.