If you own a small business and have at least have one employee, besides yourself, you must carry workers’ compensation insurance.
This type of insurance covers the cost of medical expenses or a death benefit if an employee is injured or killed while on the job. In addition, this can cover rehabilitation costs for the employee until they are able to return to work.
Since workers’ compensation insurance is required, it is worth knowing the ways in which small businesses can save on the cost.
Get a group rating
Group ratings on workers compensation can mean huge discounts for your business. Even if your business doesn’t have a large number of employees, you may still be able to take advantage by belonging to an industry that has at least 300 members.
Ask for a visit
Invite your agent or company representative to visit your workplace and identify potential hazards. You can then document that you’ve remedied any problems!
Hand out safety programs
Create a document on safety and accident prevention and distribute it to each employee and new-hire, as well as provide regular training and updates.
Employees who use drugs or alcohol on the job cause injuries to themselves and others more readily. These employees can cost employers about twice as much in workers’ compensation and medical claims as non-abusers. Consider random testing for all employees, as well as including a drug test on the application process.
Proper job classifications
You should write complete, accurate job descriptions for each employee to make sure that nobody steps outside his or her responsibilities. A receptionist who injures herself lifting heavy boxes could hurt you if she files a claim.
In order to protect your small business and employees while sticking to your budget, contact DG&M Insurance Agency, located in Rochester, NY today to learn how we can provide you with the workers’ compensation insurance suitable for you! Contact us here.