Here are 5 tips to help you save on workers comp in 2013.
1. Manage Vendor Relationships
Competition is always good for keeping that vendor on their toes. So go ahead and shop around a bit, and see what other companies are out there. You may find a new vendor that can provide better service for a cheaper price.
2. Measure Results in Order to Review Progress
Start a log, and track your program's results. Bring in some outside help! Having a new set of eyes looking at your program may lead to some new ideas that you haven't thought of.
3. Shop Some New Carriers to See if you can Decrease Your Premium
Deductible differences, state-based assigned risk pools, or group self-insurance may be a potential option for coverage, depending on the size of your business.
4. Get Involved in the Overall Comp Process
Employers play a key role in developing or updating workers compensation laws in the various states. States legislature boards will listen if employers come together and state their problems. If everyone chooses to let someone else do it, then nothing will change.
5. Solicit Feedback From Your Employees on Workfloor Issues
One of the most important assets is your staff. So hold a meeting and see what your employees have to say. You may stumble upon a fantastic idea that could revolutionize the way you do business.
The best way to implement major change is through a series of small steps. Bite off what you can chew and do not be afraid to ask for help. Happy New Year!
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