You can’t control every factor that helps determine your workers’ compensation costs, but you do have sway over one big one: your losses. Follow these three tips to help you avoid some of the pitfalls that lead to big workers’ compensation claims and higher premiums.
One factor that affects your workers’ compensation premium is your loss history. Workers’ compensation claims can cause future premiums to increase. Bring employees back to work as soon as they are medically able to minimize the impact of claims on your premium.
Every state’s law is different, but typically employers are required to provide safe routes for employees from their vehicles into work. If an employee is hurt by falling in the designated parking lot going in or out from work, it could be considered a work injury.
Knowing what type of coverage your subcontractors carry, and whether your state classifies them as independent contractors can help you avoid surprises during your annual premium audit.
Don’t be surprised (or overcome with dread) when you hear your policy requires a workers compensation audit. Every workers’ compensation policy must be audited annually at the end of the policy period to make sure you are charged the correct amount for your policy premium.