Workers’ Compensation Insurance is a necessary expense for all-size businesses, as having a policy of some nature is ubiquitously state-mandated.

Workers’ Comp was developed not only to ease medical-related costs of employees injured in the workplace but also to cover for lost wages during the time employees can’t work.

Depending on the “class” that your business is grouped into, your insurance rate can fluctuate significantly.

Keeping Costs Low

Like with all types of insurance, having a good record is key to keeping premiums down. However, if your business is one that is especially “at-risk” for employee injuries (ie, construction, ground maintenance, long-haul drivers, etc.), you can expect to pay a significant premium. Luckily, there are a few things that all businesses can do to keep insurance costs at a minimum.

First, you should do an extensive comparison of insurance providers, to find the one that’s right for your company. No matter what type of organization you run, you should have safety protocols in place, and thoroughly train all workers on best safety practices.

After an injury occurs and a claim is filed, you need a “return to work” program in place, to get workers back as soon as possible (in order to close the claim), even on a part-time basis.

Another thing you should employ is a “job duties” list for each department, so workers aren’t unnecessarily doing tasks outside the scope of their job description that could lead to potential injuries.

An obvious rule that should be enforced is a “substance-free” workplace. This will undoubtedly reduce the risk of mishaps.

The Best Workers’ Comp Solution

The ultimate resolution to keeping insurance costs at their lowest is to have a single, trusted organization maintaining your payroll and Workers’ Comp.

Fingercheck offers integrated “Pay-As-You-Go” policies designed for small businesses, where the policy is automatically synced with employee payroll data. This eliminates large down payments, and tedious work — and greatly reduces audit-inducing errors.

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