Business Tips: Lowering Your Worker’s Compensation Insurance Costs

Part of being a responsible business owner means protecting your workers from risks they may encounter at the workplace. Many companies do this with workers’ compensation insurance. It offers benefits that cover medical fees, lost wages, and other costs associated with workplace illnesses, injuries, or deaths.

Workers’ compensation insurance can become a costly expense for businesses. Insurance premiums can strain a business’s ability to stay in the black. However, there are some methods companies can implement to help ease some of the costs.

Safety Programs

When a business sets up a safety program it can help reduce the costs of your workers’ compensation insurance costs. It proves that your business is being proactive in preventing workplace hazards or accidents. Some insurance companies can adjust your premium because of a safety program. 

Professional Employer Organization

It’s also known as a PEO, and a professional employer organization can help a business with its workers’ compensation insurance costs. It is a service for your business that can help you with compliance, payroll, benefits, and employee training. Some can handle basic HR tasks, while others can provide more in-depth services such as onboarding.

Workplace Investigations

When companies fully investigate workplace incidents it can lessen the costs of your workers’ compensation insurance premiums. Performing an investigation will help you fix issues before they become repetitive. The idea is that it will reduce the number of claims, which can lead to higher insurance costs.

OSHA Programs

OSHA stands for the Occupational Safety and Health Administration. It was formed to ensure the health and safety of U.S. workers while at the workplace. Companies can start OSHA safety programs to give employees important information about reducing workplace incidents. It’s important that once implemented, company managers should reinforce practices to make sure employees realize the seriousness of the safety procedures.

Invest in Risk Management

Risk management services can help you identify risks that could impact the health and safety of your employees and in turn, impact the daily operations of your business. Some insurance companies offer risk management services as part of their insurance solutions. By reducing the risks in your workplace, it can help reduce accidents that could contribute to a rise in your workers’ compensation insurance costs.

Protection for Your Workers and Business

KF&B Insurance offers workers’ compensation insurance that will protect your workers and your business. We offer benefits through PMA Insurance Group that include easy access to loss prevention and claims departments to help you work through claims or any questions you may have.

We are a team of experienced transportation professionals that will help you decide on the best insurance protection. Please contact us to get started!