When you stop to take a look at your annual business expenses, there are certain costs that are unavoidable, like building rent, business insurance, payroll, and supply costs. However, when it comes to workers’ compensation insurance, there are a few ways that your company can try to lower those annual premiums. This essential coverage is necessary to protect your employees if they are injured or fall ill following a workplace accident. It covers everything from carpal tunnel syndrome to sprained ankles, back injuries, and more. It also prevents business owners from having to pay out-of-pocket for medical bills, lost wages, and even death benefits. So, how can you save more on workers’ comp insurance? Keep reading to learn more.
How Can I Lower My Company’s Workers’ Compensation Insurance Costs?
In the state of Indiana, all private and public businesses must carry worker’s compensation insurance to cover their employees. Additionally, with the rates that you pay for coverage being determined by your industry type and the level of occupational risk that your employees face while at work, there isn’t anything you can do to change the rate that you pay for coverage. However, there are other ways you can save.
Shop with an Independent Agent
Independent insurance agencies are different from captive agencies in the fact that they aren’t obligated to represent a single insurance provider. This means that when you work with an independent agent, you’ll typically receive a workers’ compensation insurance quote from 3 to 8 different companies. And even though your rates won’t change, the perks you have access to are likely to vary greatly between providers. An independent agent is also there to help periodically review your policy to look for additional savings and will always be available to answer questions or walk you through the claims process.
Start a Workplace Safety Program
Implementing a documented safety program is a great way to show that you commit to creating a culture of “safety first” in your company. While accidents will happen no matter how safe your workplace is, you can prevent injuries through education and training for your team members. In fact, research shows that for every dollar companies invest in safety training; they are likely to see $2 to $6 in return.
Set Up a Return-to-Work Program
You’ve already invested plenty of time and money into training your staff members. And losing a valuable employee to an injury can really affect your bottom line. By establishing a return-to-work program, you can make it possible for injured employees to come back from an injury as soon as they are medically able—even if their position is modified, or they’re only able to work part-time.
Contact Tolbert Tower Insurance Today
Interested in learning more about the many benefits of working with our local Brownsburg independent agents? If you’re looking for more ways to save on small business insurance, we’ve got you covered. We know that running a successful small business is no easy task, and we want to help you save on essential coverages like workers’ comp insurance. Give us a call at (317) 852-3370 or contact us today for more information.