5 Ways To Cut The Cost Of Your Contractor's Workers Compensation

​If you have a contractor working for you, then there is always the chance that they will get injured on the job. In general, contractors are not as well protected by workers’ compensation insurance as other employees. This can lead to hefty medical bills and lost wages when an accident does happen.

Reducing The Costs
In this blog post, I'm going to share five ways that you can cut off your cost in the event of an injury from happening in your company:

1. Double-check your experience modification rate
   Most work comp policies have an experience modification rate. This is the percentage of premium that will go towards paying claims in your company rather than being invested in a pool to pay for other companies' losses. The higher this number goes up, the more you'll be on the hook.
   
   
2. Make sure employees are classified properly
   The insurers of the compensation of workers designate susceptibility classification rules to employees. These are in adherence to their duties, roles, and exposure rate to the probability of illness or injury. Greater risk translates to higher premiums. Therefore, make sure that employees are identified appropriately. 
   
   
3. Promote a culture of safety
   A safe workplace is not a toxic environment. One could remarkably diminish their susceptibility to injuries and accidents with the proper safety guidelines. This will directly affect recruiting new talent to fill vacant roles with more eligible individuals who anticipate working at an organization that puts a premium on their health and the cost of workers’ compensation.
    
4. Create a sturdy safety program
   A sturdy safety program can increase the effectiveness of an organization's workforce. This includes providing employees with safety equipment and resources and allowing them to take a break if they feel themselves getting tired or stressed out.
   
   Your policy should contain a section that specifies what job hazards are forbidden for your company and list steps to address these risks in case one is found.
   
   
5. Stay on top of training needs
   This step is crucial for organizations looking to improve employee communication skills. A straightforward policy can give people an overall sense of what you expect from them and what they should be doing. If your company uses computer-aided dispatch software, it should state how often the employees are expected to log into the system for a shift update.

Conclusion
To ensure that you can cut down on costs in your contractors’ compensation, make sure to take note of the following ways above. 

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.