Three tips to keep your workers compensation premiums down:
1) Make sure your workers comp classification codes and rates are correct.
Determining the proper classifications for an employer is not easy and sometimes can be quite difficult. With nearly 700 different codes available for use it is certainly easy to see how mistakes or errors in can be made. Misclassification of employers operations occurs each and every day. Many employers go for years being slotted into wrong, more expensive class codes resulting in thousands of dollars of overpaid workers compensation premium. Determining and applying the proper workers compensation code is directly related to how much premium an employer pays. It is extremely important that businessowners provide complete and clear descriptions of the nature of their business and the roles of each employee.
2) Create a company Safety Manual and hold frequent staff safety training.
Developing a safety manual not only protects workers, but makes good sense. A safety manual could result in substantial savings in workers compensation costs.
To get a copy of a handbook that you can tailor to the needs of your business, you can visit: https://www.osha.gov/Publications/smallbusiness/small-business.html
They should be useful to small business owners or managers and can be adapted easily to individual establishments.
3) Research and place safety measures specific to your industry in your workplace.