If you have a business and are required to carry workers compensation coverage, the question that most employers ask themselves is “What can I do to keep the cost of my insurance as low as possible?”
The answer is not always that simple. The purpose of workers comp insurance is to protect not only your business, but also your employees as well. You know as a business owner, that you are only as good as your employees can allow you to be, and that accident do happen.
Unless you are in a rate-mandated state, individual carriers will file their own workers comp rates with each state individually. What that means for you, as a consumer, is that shopping your policy can turn out to offer you a savings from one year to the next. This does not guaranty that you will find a lower insurance rate, but wouldn’t you like to know you are getting the lowest rates and best price possible?
There are a variety of determining factors that help to calculate what your base manual rate is. Have you had any claims? Have you implemented any safety procedures that would help to educate your employees in safety? Do you take advantage of any safety services that are available to you as a business owner to do everything that you can to try and prevent injuries from occurring?
No one can foresee an accident happening. You can try and reduce the risk through education and safety meetings. These simple and effective methods of communication with your employees and emphasis in proper training and safety could mean the difference between having minor or zero claims, to a catastrophic injury.
There are many pieces to the work comp puzzle for helping to control the cost of workers compensation coverage.
The question is, do you want to try and be proactive or reactive?
