Workers’ compensation insurance is essential for protecting your employees and ensuring compliance.
As many states move toward rate increases, businesses must plan ahead. Because there’s no national formula for setting premiums, changes often reflect local trends and regulations. While you can’t control the market, you can manage the factors that influence what you pay.
Consider These 5 Strategies:
- 1: Audit Job Classifications – Misclassified employees can inflate premiums. Regularly review job codes and correct discrepancies before renewal.
- 2: Tighten Payroll Estimates – Premiums are based on payroll projections. Provide accurate, up-to-date numbers to avoid overpaying or facing costly audit adjustments.
- 3: Build A Documented Safety Culture – Keep records of training, incident reports, and prevention measures. This reduces claims and can result in earned discounts.
- 4: Implement Return-To-Work Programs – Modified or light-duty roles help shorten claims, cut wage replacement costs, and protect productivity.
- 5: Partner With Experienced Brokers – Expert agents can shop carriers, find credits, and offer flexible payment programs to ease cash flow.
Original content by the Drip Marketing Inc.. This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.
