06 Apr Two ways to save on your workers compensation insurance
Are you a new business in need of workers’ comp coverage? It can be a major expense but new pay as you go workers compensation insurance options could allow you to save money by not having to estimate annual payroll and pay a large amount upfront. Whether you take this route or not, you should do everything you can to prevent your employees from being harmed as in addition to being the right thing to do, this too could save you money on future insurance premiums.
As a new business owner, you’ll probably have to come to grips with many new concepts, and few will be as important as workplace safety. When a worker suffers an injury that results in time off work, a business can ‘lose’ in many ways.
• Productivity may be disrupted as a replacement is found and/or trained.
• There is the potential for issues to arise as a result of an injury, and these can affect morale – for example, if there is a perception that an injured worker is being treated unfairly, or that management could have prevented the injury with safer work practices or better equipment, talk in the workplace can impact upon productivity and on the level of loyalty and respect employees feel towards the company.
• A number of injuries – particularly ones that might have been prevented – could soon see your workers’ compensation premiums escalate as your business will perceived as a higher risk.
A combination of your attention to workplace safety and taking advantage of options for pay as you go workers compensation insurance has the potential to save you money each and every year. As experienced business operators might tell you, dollars saved on necessary expenses like insurance are dollars that can be diverted towards activities that increase business.