Certain costs are just unavoidable when you’re trying to run a successful business. You likely pay rent for your building, have the cost of supplies to consider, payroll, business insurance, and so much more. But one critical insurance coverage that many people forget about is workers’ compensation insurance. This essential coverage helps to protect your employees if they are injured or become ill after a workplace accident. Whether they are suffering from carpal tunnel system and slipped disc, or something even more severe—if they were injured while on the job, workers’ comp insurance will likely cover their medical costs, lost wages, and more.
While this is a great benefit for your employees and can help you to avoid paying out-of-pocket for their injuries, workers’ compensation insurance is still an added cost that you must factor into your budget each year. So, how can you keep your policy in place and save on workers’ comp coverage? Keep reading to learn more.
What are the Best Ways to Save on Workers’ Compensation Coverage?
In Wisconsin, all businesses with three or more employees must carry workers’ compensation insurance under state law. This means that most business owners must budget for this expense and are likely looking for ways to save on their annual premium. But before you can start looking for new ways to save, it’s important to understand your rate.
Understanding Your Rate
Worker’s comp rates are based on a classification system. Your business will be assigned the same classification as other companies within your industry, as long as you perform similar functions. From there, each classification is assigned a specific rate. These rates reflect the overall occupational risk or likelihood that your employees may become injured on the job. Inherently, this also means that some occupations are must riskier than others and will, therefore, pay a lower workers’ compensation rate. For example, if you operate a computer repair shop, your worker’s compensation rate will likely be much lower than your local roofing company.
Lowering Your Premium
Make Safety a Top Priority
When you can maintain a safe workplace, you will not only help to reduce accidents in the workplace but show your insurance provider that you are committed to putting safety first. It can be helpful to invest in an external safety evaluation to come in and look for any glaring issues and implement the proper changes as soon as possible.
Invest in a Safety Program
Many of the most common workplace injuries can be prevented before they ever occur. If you have a reliable safety program in place, you can help your employees to feel confident and empowered in their roles while being more aware of their surroundings and how their actions may affect others. A safety program will also help you better identify and eliminate everyday workplace hazards while allowing you to see a decent return on investment. Studies show that for every dollar companies invest in injury prevention, they can expect to see anywhere from a $2 to $6 return.
Work with an Independent Agent
Want to make sure that you’re getting the most comprehensive workers’ compensation policy at an affordable price. Then you should be working with your local Abbotsford agency to handle all your business insurance needs. Unlike captive agents, we represent multiple insurance providers. This makes it super easy for us to act as a one-stop-shop for all of your insurance needs and help you compare workers’ comp insurance quotes from top-rated companies in a flash.
Contact Feldbruegge Insurance Today
Interested in learning more about the benefits of working with an independent insurance agency? Call (715) 223-6566 or contact us today for more information.
