Even though you are required to carry workers comp insurance, that doesn’t mean you’re stuck with sky-high payments. Here are some ideas for lowering your premiums.
If you can’t afford to hire a risk manager, assign someone to manage your workers comp plan. This can include programs such as safety education and monitoring, supporting injured employees toward returning to work and more.
Look for Savings
Many states offer savings based on merit such as credits for remaining accident-free for a set period of time, discounts for hiring a safety manager or setting up safety programs. Contact your insurer and review the industry category you have been placed in, which helps determine your premiums. Make sure payroll hours are computed correctly because that affects your payments, too.
Avoid Assigned Risk
This is a category the state can assign to you for making lots of claims. If you have been put in this category, it is worth your time to do shop around for another insurer. Consider alternatives such as self-insurance, too. Another option to consider is raising your deductible. Many states allow optional deductibles for medical claims and businesses facing a larger deductible may be more safety aware.
There are more than a few options to help lower your workers comp insurance payments. Contact your insurer for a review of your policy and see whether you can realize any additional savings.