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3 Best Ways to Reduce Worker Compensation Costs

3 Best Ways to Reduce Worker Compensation Costs

Consider this, in 2011 workers comp benefits payments totaled over $60 billion, yet the total cost to employers was just 1.27% of that amount thanks to insurance coverage. If you have any employees other than yourself, you shouldn’t be without workers compensation insurance. In states like California, businesses are required to have workers comp coverage. But even if your state doesn’t have a mandate, you should have coverage from the array of workers comp scenarios to protect workers from exorbitant hospital bills and your owners from potentially bankrupting legal claims. Workers Comp Insurance Doesn’t Have To Be Costly While workers comp is an essentially unavoidable expense for your business, it doesn’t have to be expensive! There are many small tips you can use – like checking employee references when making a new hire: Are you asking if your potentially new employee has had any repeated on-the-job injuries? Are you regularly spot checking your employees for unsafe work habits or signs of a safety risk? There are also big ways to save on costs, but insurance rates may not necessarily be one of them. Most workers compensation insurance rates are set by the state, and are determined by the class of business. To really save on costs, you should read through the following and learn our 3 best ways to reduce workers compensation costs. 1. Create a Safe Work Environment For Employees Creating a safe work environment can save you the most money by reducing employee on-the-job injury. It also reduces the amount of time employees spend off work due to job-related injuries. Instruct your employees in proper workplace safety....