workers compensation

How To Lower Your Workers Comp Premiums

Your worker’s compensation coverage protects both you and your employees in the event of an on-the-job injury or illness. If you run a business in a high-risk industry, such as construction, your premiums can be pretty high. According to Northstar Insurance Services, while you can’t do anything about the risk inherent to the field, you may be able to lower your premiums with EMR insurance services by following these tips.

Improve Safety Knowledge

Your Experience Modification Rating is a ratio between actual incidents reported and the dangers associated with the jobs on your payroll. Having a stellar safety record can improve your EMR. There are several ways you can make your workplace safer:

  • Implement regular safety training
  • Post signs and label hazardous chemicals clearly
  • Reward employees for engaging in safe practices

Make Environment Safer

No matter how knowledgeable your employees are about safety protocols and procedures, if the environment itself is hazardous, they are still more likely to get hurt. Inspect the equipment they use on a regular basis and replace it when it starts to wear out. It is also important to keep workspaces clean and neat to prevent accidents.

Even if you work in a relatively dangerous field, you can probably lower your worker’s compensation premiums. Safer business practices can protect employees and save you money.