Do you have a plan in place to protect your employees if they are injured or fall ill following an accident on the job? Your business just wouldn’t work the same without your valuable team to help keep operations running smoothly, and workers’ comp insurance can help to keep them on board after an injury at work. But how can you keep this essential coverage in place while lowering costs at the same time?
Workers’ compensation insurance is required in most states for businesses with one or more employees. This essential small business insurance coverage is designed to pay for medical bills, lost wages, and even death benefits for your employees after an accident in the workplace, and it can help to protect your bottom line as well. But if you’re looking for ways to reduce the costs associated with workers’ comp insurance, we’ve got a few tips and tricks that can help.
How Can I Save Money on Workers’ Compensation Insurance?
In the state of Wisconsin, if you have less than three employees, you are exempt from carrying worker’s comp coverage. However, most companies do not fall within this category. This means that you will need to find a comprehensive and affordable workers’ compensation policy that meets the needs of your employees and your small business.
Find an Independent Agent
One of the best ways to ensure you’ve gone with the right insurance provider for all your business needs is to enlist the help of your local independent insurance agency. Independent insurance agents are different from captive agents in that they aren’t obligated to represent a single provider. Instead, they typically represent anywhere from 3 to 8 different insurance companies, giving you more options when it comes to coverage. This makes it easy for your independent agent to act as a one-stop-shop for coverage and give you honest advice on which policies are necessary to protect your business and employees.
Put Safety First
While it’s true that there’s no way to prevent injuries from ever happening in your workplace, many can be avoided by setting up a safety program. Having a safety program in place helps to identify hazards that are unique to your business and can make your employees better aware of their surroundings as they go about their duties.
Research shows that for every dollar a company invests in injury prevention, they can see anywhere from $2 to $6 in return. This is why many states, like California, require all employers to have a written safety program. Whether you work without an outside team to assess the hazards in your workplace and complete safety training or you set up a designated in-house safety team, continued education and training for all employees show your insurance company that you are serious about reducing injuries.
Implement a Return-to-Work Program
Even after you’ve set up an excellent safety program, there will be accidents that result in inured employees. But even if your employees must miss out on work to recover, you can make sure that they’ll come back to work promptly. Building a return-to-work program can help you save money on workers’ compensation claims by making it possible for valuable staff members to return to the company as soon as they are deemed medically fit by their doctor—even if this is in a part-time or modified roll.
Contact Main Street Insurance Agency Today
Interested in learning more about the benefits of a comprehensive workers’ compensation insurance policy to protect your employees? At Main Street Insurance Agency, we’re dedicated to helping our clients find the right coverage at an affordable price. Give us a call at (715) 682-5710 or contact us today for more information on how you can save on your essential business coverages and be sure to request a free workers’ comp insurance quote.
