Here at Maki Insurance, we understand that local business owners hope to do everything they can to ensure workplace safety. Just in case of a job-related accident, they even have workers compensation insurance to make sure employees can afford recovery time and healthcare expenses. Still, premiums often put budgetary pressure on small- and medium-sized companies in the area. So, how can you buy the best workers comp and save money on the premiums?
How to Save Money on the Best Workers Comp for Arizona Companies
According to one major insurer, workers comp premiums average $2.30 for each worker hour. In any competitive market, keeping that figure as low as possible can make the difference between profit and loss. Here’s the good news. You don’t have to accept your current premiums as a normal part of business. Most businesses can explore several opportunities to lower rates and improve their safety record.
These are just a few steps that you can take to reduce Arizona workers comp premiums:
- Initiate a safety program: Your investment in an effective safety program can do more than simply lower workers’ compensation premiums. Of course, it can also help prevent accidents and even help improve employee morale and productivity. Studies have demonstrated that documented and well-communicated safety programs can provide you with a return on investment from two to six hundred percent. The tighter your budget, the more reason that you have to justify safety.
- Keep your workplace free of substance abuse: Workers who abuse drugs or alcohol at work end up costing an average of twice as much in medical claims as other employees. In turn, these higher claims will translate into higher premiums in the future. Make certain you enforce drug and alcohol policies and offer guidance for employees who may need help.
- Create a company return-to-work program: In the course of many businesses, accidents will occur. If you can get employees to return to work faster, you have a chance to lessen claims. Such flexible options as part-time or alternative tasks could be medically approved before the employee is ready for full-time work at their original job.
- Let employees know what kinds of injuries to report: Of course, you should encourage employees to report significant injuries or illnesses that have been caused on the job. In most cases, faster treatment leads to faster recoveries. On the other hand, care of minor injuries that require little more than first aid may not need to get reported as workers comp claims.
Ask Your Insurance Agent for Help
Many smaller businesses rely upon their insurance agents for help with risk management. These professionals familiarize themselves with underwriting rules and can help spot the types of hazards that may cause accidents and also generate higher workers’ compensation claims. They can also help you improve your company’s safety program, so it’s likely to impress the insurers that they work with. Finally, an independent agent can help you shop around for an insurance company that will offer you affordable premiums and a chance to improve both your company’s safety and your profits.
Here at Maki Insurance, we work with many businesses to reduce risks and enjoy all the other benefits of a safe business. We also help our clients compare Arizona worker’s compensation companies to find the Arizona insurance company with the best program for your business. To start working with us, call or email today. We want to improve safety, find you lower rates, and stand beside your business if you ever need to make claims.