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How to Reduce Your Company’s Workers Comp Costs

Workers comp insurance is vital for secure and productive companies. This coverage keeps your employees safe from financial troubles and protects your business against lawsuits. However, workers comp insurance in Virginia can get expensive if you fail to take certain steps. Entrepreneurs must manage a delicate balance between having enough coverage and staying in budget.

You can strike this balance with a few steps that lower your workers comp insurance in Virginia without losing coverage. First, set up a safety program in your company. Although this may seem like an unnecessary expense at first, studies have shown that the return on investment in these programs ranges from $2 to $6 per dollar spent.

A successful safety program prevents accidents before they can occur. For this reason, you shouldn’t try to implement this program alone. Instead, bring in an experienced consultant to help you find and erase workplace hazards. Your insurance carrier may provide free consultations.

Even with the best safety programs in place, accidents can occur. If you have a return-to-work program in place, you can save money by encouraging employees to heal quickly and come back as soon as possible. You can modify the employee’s duties during the recovery period. Your employee gets to work, and you get too close the claim. These two programs can save you money and increase your company’s safety.