5 Ways to Lower Your Workers’ Comp Premiums

Admit it. A call to examine your company’s workers’ compensation details is as welcome as your mom’s command to “Eat your vegetables.” Nonetheless, those veggies were indeed good for you, and a fresh look at this essential employee benefit can yield measurable upsides for your business. With your OH workers’ compensation program, it is quite possible to reduce premiums, see fewer accidents and raise worker morale by taking some prudent steps.

Implement a Return to Work Program

Easing recovering employees back to the workplace with part-time employment can be a win-win for your company and workers alike. Along with their valuable expertise, returning employees boost morale and lower your company’s workers’ comp expense. While a part-time return to the job reduces your worker’s benefit payment, the sum of benefits and partially restored wages are a boost in discretionary income. In Ohio, companies with more than 10 employees can apply for a state matching grant to start a return-to-work program.

Streamline Claims Management

Smoothing the path for your insurance adjuster speeds payments to your employees and avoids needless expenses. Workers’ comp claims best practices include:

  • Report the claim to your insurer immediately.
  • Provide insurer contact information to your employee’s hospital or clinic.
  • File reports on time and maintain documentation.
  • Inform your worker on how to submit medical bills.

Keep Your Premiums Aligned With Your Payroll

Your workers’ comp policy set premiums on a payroll estimate made when your coverage period began. If your company’s payroll has declined, the premiums are higher than they need to be. Instead of waiting for an audit to receive an adjustment, ask your insurer to reduce the premiums now.

Get Classifications Right

Every Ohio employer receives a manual classification number that corresponds to the risk of an on-the-job injury, but not all of your employees may match that profile. For example, the office manager of a roofing company is far less likely to suffer serious injury than a crew member working on a sloped roof. Consult with your insurer to correctly classify all of your employees and align your premiums with workplace risk.

Take Advantage of Ohio Incentives

The Ohio Bureau of Workers’ Compensation offers incentives, bonuses, and rebates that can lower your annual expenditures. The initiatives include:

  • Deductibles: Companies that effectively manage claims can lower their total workers’ comp expenditure with a higher deductible.
  • Drug-Free Safety: Employers meeting this program’s stringent standards can receive premium rebates ranging from 4 to 7%.
  • Group Experience Rating: Businesses posting better-than-average claims records are eligible to join a sponsoring organization and reap the lower premiums of a group rate.

Think of these five ways to lower your workers’ compensation costs as a starting point for your company. To expand your efforts, seek the guidance of an insurance agency that knows the ins and outs of Ohio’s workers’ comp system.

About Haughn & Associates 

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.