How to Reduce Workers’ Comp Costs
What actions can you take to help reduce your workers’ compensation costs?
All businesses can take measures to reduce their workers’ compensation costs and improve their bottom-line.
Some key actions include:
- Understand your company’s experience modification factor (e-MOD as you might hear it referred to) and the impact it has on your premium
- Make workplace safety a priority that is constantly reinforced
- Report injuries to your insurance carrier promptly
- Embrace a return-to-work program
- Make sure your employees are appropriately classified
- Utilize effective employee screening and hiring practices
