Business Insurance Update:
Contractors ~ Workers Compensation ~ General Liability Insurance
Two Things You Can Do to Protect Your Business:
1. Be Proactive: Buy Business Insurance to protect your Business.
Call now: 805-963-4048
2. Be Prepared.
5 Ways to Reduce Your Workers Compensation Exposure
1. Make Safety a First Priority Maintain a safe workplace, both on and off your premises, and you can help reduce employee injuries. If possible, budget for an outside safety evaluation and implement the changes suggested. Mandate employee safety training.
2. Establish a Return to Work Program A return-to-work program can help retain valuable employees while reducing the cost of workers compensation claims. The program is designed to return injured employees to the workplace as soon as they are medically able.
3. Know Your State’s Coverage Requirements Workers compensation coverage is controlled by the state where you conduct business. Review your state’s workers compensation regulations to find out the coverage requirements. Finding an agent that is experienced with the workers compensation regulations in your area will be a great asset to your business.
4. Ensure Job Descriptions Are Correct Your business will be classified based on the type of work being done by employees. In many cases, your business may fall into several classifications. There are about 700 workers compensation classifications. Be sure that your agent reviews your job descriptions and that you are comfortable with the way your agent has your business classified.
5. Watch Your Payroll As an employer, you must keep an eye on your payroll throughout the year. If you find that your payroll is exceeding your original projection, you need to contact your agent and have them adjust your payroll exposure. By monitoring this, you should be able to avoid a compensation audit at the end of your policy.
These tips have been proven to help reduce costs and keep businesses up to date, when it comes to their workers’ compensation policy. Most importantly, remember that on-the-job injuries are preventable and workers’ compensation premiums do not have fixed prices.
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For 30 years, Baxter Insurance has been the leading provider for Insurance for Santa Barbara. WE will obtain the best possible coverage at the lowest price.
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