As a responsible business owner, it’s your responsibility to look for new ways to protect your employees while also being aware of your bottom line. One of the best ways to do this is to invest in workers’ compensation insurance. This essential business insurance coverage is designed to provide financial care for your employees if they are injured or fall ill following a workplace accident. Workers’ comp insurance typically covers the cost of related medical bills, lost wages, and even death benefits for staff. This type of coverage also helps employers to avoid paying out-of-pocket for employee injuries. But how can you lower the costs related to workers’ comp coverage? Keep reading to learn more.
How Can My Company Save on Workers’ Compensation Insurance?
In Iowa, there are certain exceptions for workers’ compensation insurance. However, most are required to purchase coverage. Additionally, the rate that you must pay for coverage is something that you cannot change. These rates are determined by your business industry and the likelihood that your workers may be injured on the job. For example, if you run an accounting firm, you’ll likely pay a lower workers’ compensation rate than your local general contractor.
While these factors cannot be changed, there are other ways that you can save. These include:
1. Create a Safety Program
Many injuries at work can be prevented. It can be beneficial to work with your team or outside sources to identify and eliminate hazards that may cause accidents. This process has been so successful that in certain states, workplace safety programs are required for all businesses. Additionally, research has shown that for every dollar business owners invest in safety programs and injury prevention, and they can expect to see anywhere from $2 to $6 in return.
2. Implement a Return-to-Work Program
While having a reliable safety program in place can prevent most injuries, the fact of the matter is that accidents will still occur. And when a valuable employee becomes injured, you should be doing everything possible to make sure that they can return to work as soon as possible. With a return-to-work program, injured employees can come back to work as soon as they are deemed medically able—even if this means that they work fewer hours or take on a modified role within the company. The sooner they return to their job, the less your company will have to pay in workers’ compensation benefits as well.
3. Talk to an Independent Insurance Agent
One of the easiest ways to save on insurance costs is to work with an independent agency. Unlike captive agents who only represent a single provider, independent insurance agents work with, on average 3 to 8 different insurance companies. This allows them to match each client with the provider that makes the most sense for their needs and give you unbiased advice. You can rest easy knowing that they have your best interests in mind and will do whatever they can to help you enjoy the most savings on your business insurance coverages.
Contact Midwest Insurance Solutions
Interested in learning more about how you can save on your business insurance policy? At Midwest Insurance Solutions, we’re here to help! Please give us a call at (515) 612-8436 or contact us today for more information and be sure to request a workers’ comp insurance quote.