Every small business owner wants to make sure that their team members are happy, healthy, and working to the best of their abilities while on the job. But accidents will happen, and even the safest employees are at risk of becoming injured or falling ill following an accident in the workplace. Anything from a cut on the hand to carpal tunnel syndrome or a back injury could end up costing your employee thousands of dollars in medical bills and result in lost wages as well. That’s why most states require business owners to carry workers’ compensation insurance. This essential coverage is designed to not only protect your employees after an accident but can save your bottom line as well.
However, if you’re looking for ways to reduce your insurance premiums, there are steps you can take. Keep reading to learn more about workers’ comp insurance requirements in Wisconsin and how your company can save on the related costs.
How Can My Company Save Money on Workers’ Compensation Insurance?
Workers’ comp insurance is required for all businesses in the state of Wisconsin that have three or more employees. The rates you must pay are made up of base rates that can vary by state and local laws, as well as industry type. While these are factors that you cannot change, there are ways that you can work together with your staff to help lower your overall workers’ compensation insurance costs.
Focus on Safety
Creating a culture of safety within the workplace is vital for companies that want to reduce injuries. While accidents are inevitable, adequately trained staff are more likely to walk away from these situations unscathed or with minor injuries. Therefore, employee safety training should be mandatory for all staff members. If possible, invest in an outside safety evaluation and make changes to your safety procedures as necessary. Continued training for staff members and having employees acknowledge that they’ve completed safety training on record can also help show a dedication to safety.
Establish a Return-to-Work Program
You’ve already dedicated countless hours and plenty of funds to help train valuable workers. It would be a shame in more ways than one to have to try to replace them after an injury on the job. However, by implementing a return-to-work program, you can retain these valuable staff members and reduce your workers’ compensation claims costs at the same time. This type of program works by helping injured employees return to work as soon as they get the go-ahead from their doctor, even if they are working part-time hours or in a slightly diminished role while they work to get back to 100 percent.
Feel Confident in Your Coverage
While you may be tempted to simply purchase the first workers’ compensation policy you come across, the chances are that an independent insurance agent can help you find a comprehensive policy at an affordable price. Because independent agents aren’t contracted to represent a single insurance provider, they can help you to compare quotes from 3 to 8 different companies on average. This can make a huge difference in your overall savings, and having an experienced advisor by your side is extremely helpful as you navigate the claims process. Additionally, independent agents can review your coverage periodically to look for potential discounts.
Contact Henricks Wilging Insurance Today
Interested in learning more about reducing your workers’ comp costs? As your trusted local insurance agents, we’re always here to help. Give us a call at (262) 742-4029 or contact our friendly agents today for more information and be sure to request a free workers’ comp insurance quote.
