In most states, if you own a small business and employ anyone besides yourself, you are required to carry workers’ compensation insurance. And while this may seem like just another expense you have to budget for, workers’ comp insurance can end up saving you a lot of money down the line if one of your employees becomes injured or falls ill following a workplace accident. But for many small business owners, finding ways to save on your premium is essential to keeping your company up and running during the slower months. So, what can you do to save more money on this vital business insurance coverage? Keep reading to learn more.
How Can My Company Save on Workers’ Compensation Insurance?
In Illinois, workers comp insurance is required for all businesses that have one or more employees. That means that every business owner in the greater Champaign/Urbana area should be looking for ways to save on their annual premium costs. One of the easiest ways to do so is to work with a local independent agent. Independent insurance agencies aren’t obligated to represent a single provider like captive agents, and they can quickly get you a workers’ compensation quote from multiple insurance companies. This is a great way to make sure you’re getting the right level of coverage at an affordable price.
Other Ways to Save
1. Implement a Documented Safety Program
Many states require employers also to produce a written safety program, but even in areas where they aren’t needed, they can be instrumental in more ways than one. Implementing a smart safety program demonstrates to insurance companies that you are serious about protecting your team from accidents in the workplace. To become eligible for possible insurance discounts, be sure to document all staff safety training hours, updates, and have employees sign off that they have read and received all safety materials provided.
2. Promote a Substance-Free Workplace
If an employee is using alcohol or drugs on the job, they will eventually cause injuries to themselves and others. Research also shows that they cost employers twice as much in workers’ compensation and medical claims than their sober peers. Requiring that all employees pass a pre-employment drug test is a great place to start when striving for a drug-free workplace. Additionally, outlining these rules in your safety program and random drug testing can both help keep your company a drug-free zone as well.
3. Establish a Return-to-Work Program
Training and onboarding new employees can be a costly process, and if you’ve already invested lots of time and money into training a great staff—you don’t want to lose them after an injury. Establishing a return-to-work program is a great way to retain your most valuable team members and reduce the cost of workers’ compensation claims at the same time. With this type of program in place, your workers can return to their jobs as soon as they are deemed medically able.
Contact Myers Insurance Group Today
Looking for more ways to save on your required small business insurance coverages? At Myers Insurance Group, our friendly and knowledgeable independent agents are here to help you find the most comprehensive policy available at an affordable price. And with access to a wide variety of insurance providers, we make it easy to get a free workers’ comp insurance quote online or by phone. Give us a call at (217) 607-1652 or contact us today for more information.