Prestige Insurance Group, Inc.

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Prestige Insurance Group, Inc.

Workers Compensation InsuranceWorkers compensation insurance provides ample protection for your employees should they get hurt on the job. It also helps minimize the financial risks your business could face should those employees get hurt as a result of negligence on your part. However, the costs for workers compensation insurance can be substantial, especially in high-risk industries. These tips can help reduce some of the costs associated with this type of business insurance.

#1: Discuss Your Specific Risks with Your Insurance Agent

It may seem worrisome to take this step, but doing so can save you money and time. Simply invite your insurance agent to come to your job site and provide an inspection, or at least some insight on the risks you face. Then, listen to what he or she says. Make changes that can help you to save money on policies by keeping risks low.

#2: Don't Stick with the Same Company Every Year

One of the best ways to save on workers compensation coverage is to request a quote from a new insurance carrier each year. This allows the company to offer a potentially lower rate than you are paying now. Of course, it helps if your claims are few in that timeframe as well.

#3: Perform Drug Screenings at Your Business

One of the biggest risks in some industries is an employee that is under the influence while working. This puts that employee, your business and other employees at risk. Perform random drug screenings to reduce the risk that employees will do this.

#4: Implement a Safety Program

A safety program within your organization can help you to save money. These programs allow you to provide comprehensive training for all employees. This should look at property safety procedures, OSHA guidelines and other safety measures your employees can take to minimize costs. Experts say that these programs, when installed and used regularly, can reduce incidents, claims and losses within a few years.

#5: Make Safety a Priority

Do this by establishing a safety team and document all safety training and meetings held. Train all employees on CPR, first aid and AED use. Ensure you have all safety equipment on hand and ensure all employees know how to use it correctly.

By taking these steps and working closely with your agent, you can reduce claims and show your insurance carrier your dedication to an accident-free workplace. As a result, workers compensation insurance costs are likely to drop.

Is your business eligible for savings? Call Prestige Insurance Group, Inc. at (305) 969-8776 for a Miami workers compensation insurance quote.
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