10 Ways to Save on Worker's Compensation

Commercial workers' compensation insurance is a crucial aspect of protecting your business and employees in Texas. While the rates for this insurance can vary based on factors such as industry type, payroll, and claims history, there are strategies you can implement to potentially save money on your commercial workers' compensation insurance. Here are ten ways to consider:

·????????Implement Safety Programs: Establish comprehensive safety programs and training initiatives to reduce workplace accidents and injuries. Insurers often offer discounts for businesses that have proactive safety measures in place.?Tower Street has a unique loss control solution that can help clients not only identify employee injury risks, but we can also help implement safety protocols to protect your employees.?

·????????Maintain a Clean Claims History: By effectively managing and reducing workplace accidents, you can maintain a clean claims history. This demonstrates to insurers that your business is low-risk, potentially leading to lower insurance premiums.?The lower claims and claims reserves will also impact your experience modifier which will help drive down your premiums.?

·????????Partner with a Knowledgeable Insurance Agent like Tower Street: Work with an experienced insurance agent or broker who specializes in commercial workers' compensation insurance in Texas. They can help you navigate the market and find competitive rates and coverage options.

·????????Tower Street agents will review and Update classifications: Ensure that your business is correctly classified based on its operations. Accurate classification ensures you are not paying higher rates for unnecessary coverage.

·????????Explore Competitive Quotes: Obtain multiple quotes from different insurers to compare rates and coverage options. This allows you to find the most cost-effective policy that meets your business's specific needs.?Tower Street is contracted with hundreds of insurance carriers.?We will help you find the most effective insurance carrier to match your company’s exposure.?

·????????Consider a Deductible: Opting for deductibles on your worker’s compensation policy can lower your premium costs. Evaluate the financial implications of increased deductibles and choose an amount that aligns with your risk tolerance.

·????????Bundle Policies: Some insurance companies offer discounts for bundling multiple policies together. If you have other commercial insurance needs, such as general liability or property insurance, consider consolidating them with the same insurer to potentially receive a multi-policy discount.

·????????Workplace Safety Inspections: Regularly conduct workplace safety inspections to identify and address potential hazards. Demonstrating a commitment to maintaining a safe working environment can positively impact your insurance rates.?Tower Street’s Loss control team can work closely with your company to inspect and train your employees.?

·????????Implement Return-to-Work Programs: Develop effective return-to-work programs for injured employees to minimize lost productivity and insurance costs. These programs facilitate a smooth transition back to work and can help control workers' compensation expenses.?When you engage Tower Street’s loss control team, we can create a custom return-to-work program for your company.?

·????????Stay Informed About Industry Changes: Stay up-to-date with changes in workers' compensation regulations, laws, and trends in your industry. Adapting your risk management practices accordingly can potentially result in cost savings on insurance premiums.

Remember, every business is unique, and the factors influencing workers' compensation insurance rates can vary. It's essential to consult with an insurance professional who can assess your specific situation and provide tailored advice to help you save money while maintaining adequate coverage for your employees.