24 Jun 6 Tips To Help Trim Your Workers’ Compensation Costs
Controlling workers’ compensation costs is essential for every business, as it will affect your net profits each year.
Here are six proven tips to help reduce your premiums:
- Promote Safety: A strong workplace safety program can prevent injuries and reduce claims.
- Conduct Regular Training: Train employees on safe practices and update them regularly.
- Hire Smart: Screen applicants carefully to ensure they’re physically capable and qualified for the job.
- Manage Claims Effectively: Respond quickly to incidents, and maintain communication with injured employees to support recovery and return-to-work efforts.
- Audit Classifications: Ensure your employees are properly classified—misclassifications can result in overpayment.
- Review Your Experience Mod Rate: Track and manage your Experience Modification Rate (EMR), which directly affects your premium.
Taking proactive steps can significantly lower your workers’ comp expenses over time.
Original content by the Drip Marketing Inc.. This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.