As a business owner, you know how expensive coverage can be. Having workers compensation, group benefits, liability insurance and more will definitely take a toll on your company’s profit. However, commercial insurance policies in Connecticut are required and crucial to keep business running smoothly. Luckily, it does not HAVE to be as expensive as you may think. There are always ways to lower your premiums- let’s start with workers compensation.
Check out these five ways to cut costs on workers comp:
1. Create a safer work environment. Whether you work on a construction site or inside an office, you will still face risks. Wherever your employees are located, it is important that you provide them with a safe working environment.
2. Install a Return-to-Work program. This type of program will make sure you are kept in the loop during an injured worker’s absence. This will get them back into work as soon as possible!
3. Go over your classification. Errors in classification and payroll happen to be one of the most common mistakes when dealing with workers compensation. This mistake can be a costly one!
4. Look into corporate safety seminars. When is the last time you trained or spoke with your employees about office safety and procedures? Have an official safety seminar at least once a year. This may help lower your premium and the risks in the office.
5. Understand your MOD. Realize that your MOD will affect your premium and make sure you keep the percent of claims at a minimum.
Workers compensation and other commercial insurance policies in Connecticut do not have to cost a fortune. Do not hesitate to speak with us at The John M. Glover Agency about tips on how to save on your premium. We can offer valuable advice and discounts to fit your specific needs!