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3 Money Saving Tips For Workers Comp Premiums

Workers Compensation New York
Workers Compensation New York

The Great Recession has inspired companies all over the nation to take a good look at their expenditures and find areas where they can make cuts. Workers Compensation in New York is a huge expense for most companies. Fortunately, there are ways that you can save money in this area. Here are a few you might want to consider.

Review Current Practices

A quality insurance company will walk through your facility, interview employees and managers and review your current practices to determine where you are at risk. They can them make recommendations to help your remedy the situation.

Start An Employee Safety Program

Many insurance companies will offer discounts for companies that have safety programs in place. The best safety programs have the following things in common:

  • Written expectations and training manuals
  • Designated safety manager
  • Reward based incentives

The last item is especially important. You should reward employees when you see them doing things right. Too many companies offer punitive incentives such as a party if no accidents occur in a certain time period. This type of incentive can actually have the opposite effect and make employees fearful to report an accident, which brings up another thing you should do to keep premiums low.

Report Accidents Immediately

Too often, employers don’t report accidents in a timely manner. Instead, they try to cover up the problem and/or encourage employees not to make a claim for Workers Compensation in New York. If this type of behavior is discovered, your company will actually incur a higher policy premium or could be dropped altogether.