Tips To Save Money On Your Worker’s Comp Policy

How to Save Money on Worker’s Compensation

Having the right worker’s compensation policy is the best way to ensure that your employees are protected while they are working. Unfortunately, worker’s compensation can also be one of the biggest expenses for companies. Keep these tips in mind to help save money on your worker’s compensation policy.

• Be proactive – since worker’s compensation premiums are directly related to your claims history, the lower your claims, the lower your premiums. Ensuring that all the proper safety precautions are taken, and all the proper safety equipment is available will help to cut down on the amount of worker’s compensations claims you have to make. Consider implementing a no-accidents rewards program to encourage safe practices at your company. Make sure that you also have regular safety meetings with all of your employees so that they stay up to date with all of the safety practices at your company.
• Regularly review your classification codes – the way that your employees are classified has a large impact on the cost of your premiums. Knowing that all of your employees are properly classified will ensure that you are not overpaying for your worker’s compensation policy and will avoid any fines.
• Check the statutory payroll limits on your audit – Nevada has a statutory payroll cap for each employee, which only considers the first $36,000 of annual salary for worker’s compensation ratings. Ignoring or exceeding the payroll cap can lead to higher costs for worker’s compensation premiums.

For all of your worker’s compensation insurance policy needs and to ensure that your employees have the right amount of protection, contact All Nevada Insurance in Las Vegas, Nevada. As an independent insurance company, we will work with you to ensure that you have the most comprehensive commercial insurance policies, all at the right price.