7.3% Decrease on Nevada Workers Compensation Rates 2019
Next year, the business community in the state of Nevada will enjoy paying 7.3 percent less for Nevada Workers Compensation Rates 2019. These decreases will not be across the board. Some industries will see more of a decrease and some industries may not see a decrease at all. This is because there are many factors that go in to what a business pays for workers compensation coverage, but on average are part of what determines what a business pays for coverage. Across the board, the business community in the state of Nevada is going to pay 7.3 percent less for workers compensation coverage.
Why are Nevada Workers Compensation Rates Declining in 2019?
There are a number of reasons for the moderate decline in workers compensation rates in Nevada. According to the Nevada Division of Insurance, “claim frequency continues to decline countrywide due to improvements in automation and workplace safety”. The decline in claims frequency has allowed insurance carriers to pay out less for insurance claims. Because of these declines, the insurance carriers are able to pass some of these savings on to their customers. This is great news for the business environment in Nevada.
What can Nevada Businesses do to Maximize Savings?
Pay as You Go Workers Compensation Insurance
A Pay as You Go Workers Compensation Insurance Policy can help businesses free up cash by lowering what it costs to get coverage in place. The program also increases accuracy in premium payments because the payments are made in real time based upon the previous months payroll. If access to cash is an issue for your business, the Pay as You Go Option may be right for your business.
Safety Programs are the most effective way to lower what you pay for workers compensation insurance. It is a long term commitment, so the savings will not occur immediately. Creating a safe environment for your customers and staff will decrease the number of insurance claims and lower the amount of missed time your business has due to injured workers. This will make the business more productive and encourage your insurance carrier to give you a better rate on premium because you are less likely to file claims.
If you stay in business long enough, an injured worker is going to occur. It is not a matter of if, but when. Having an established return to work program will help you limit the amount of time an injured worker is off the job. The quicker they return to the job, the more likely they are to return to full time permanent work. This helps limit the severity of workers compensation insurance claims.
Create an Ergonomically Friendly Workplace
It is very worthwhile to create work spaces that can fit each employees individual needs. This may cost more on the front end to provide and ergonomically safe environment, but it can save your business immensely in the form of lowered productivity because of injured workers. Businesses that create a safer environment have employees that are less prone to physical stress or injury, and those businesses file less workers compensation insurance claims.
Monitor Employee Morale
Employee morale is a leading factor that leads to increased accidents and insurance claims. Safe employees are healthy employees and healthy employees are happy employees. If you and your key employees keep an eye on employee morale it can be an effective way to increase productivity and limit the frequency and severity of insurance claims.