Top Five Ways to Save on Your Workers Compensation Insurance:
Does your workers compensation insurance (workmen’s comp) seem to go up year after year? Have you been forced to use two different insurance agents just to keep your work comp policy? Do you have to be 100% accurate on those census forms they send you every year?
Here are the top five ways to save money on your workers comp insurance:
- Put a safety plan in place for your employees. Most workers compensation insurance policies will offer a discount for maintaining a safety plan for your employees.
- Ask your agent to package your policy with the same insurance company as your other business policies. Many companies will offer multiple policy discounts for business auto, work comp, general liability, commercial property, and other policies.
- Make sure that your employees are properly classified. An employee working with hazardous materials or dangerous tools will be charged more than one working in an office environment.
- Ask your agent whether you (as the owner) are included on the policy. Including coverage for business owners is often very expensive. By excluding yourself, you can often save significant money.
- Add a ‘designated medical provider’ to your policy. By requiring any and all employee injuries to go directly to a single provider, your insurance company will often offer additional discounts.
- BONUS TIP: Don’t have any accidents! A business who maintains a lower frequency of accidents will always have lower rates than a similar company who has more accidents.
As always, if you have any questions or are afraid you may be paying too much please give us a call.