How Can I Reduce My Workers Comp Premiums? - Commercial ...

Reducing workers compensation premiums takes planning and work.

In the decade or so, workplace safety has been the focus of many companies and industries. As a result, workers compensation claims and costs have declined. Even so, certain industries continue to tick up against the overall patterns.

In order to reduce your workers compensation premiums, you need to attack safety and performance in your business rigorously. If you?re paying workers compensation premiums in your business, you need to establish a risk management plan. In the beginning, your workers compensation carrier should have risk experts available to you and your employees.

Develop regular risk assessment and management meetings with your key employees and the experts at your insurance carrier. As you grow, it may make sense to hire a full time risk manager to work on this for your company.

Meanwhile, it is important to implement your own workplace safety program. Consider developing written procedures for both safety and returning to work. Resources to do this are available from your insurance carrier, the state department of insurance and your licensed insurance professional. Take the time to check how your payroll and employee classifications are relayed to the carrier.

Overtime and bonuses as well job descriptions and classifications which can have an impact on cost if not reported correctly. Investigate claims on your policy and implement written action plans and corrective action plans. Keep both your licensed insurance professional and the insurance carrier informed of any changes and improvements made in the workplace and your risk management program.

Evaluate your workers compensation coverage annually when you review your other coverage for the business. Work with your licensed insurance professional to help you manage both costs and your risk management program. Stay involved as the owner with your risk management and workplace safety programs.

Tags: workers comp, Workers Compensation Insurance, workers compensation premiums

This entry was posted on Wednesday, March 14th, 2012 at 6:00 pm and is filed under Business Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Source: http://www.commercialinsurance.net/blog/?p=1035

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