The cost of workers’ compensation coverage has increased approximately 50 percent over the past three years. To help keep insurance costs low, the Cat Rental Store has posted an online list of suggestions for contractors.
The company suggests having at least one person in your firm who is extremely knowledgeable about insurance, no matter the size of the construction company. This person should also read through each policy, examine the company’s coverage, deductibles and costs. It can also be helpful if the insurance agent knows a little about construction. If you don’t know of a good insurance agent, ask other contractors or company owners for some recommendations.
Another important aspect of keeping worker’s comp costs low is to institute a safety program and talk to employees about how to avoid accidents. Include incentives for accident-free divisions or teams. A good safety program on the jobsite will make it easier to negotiate lower insurance rates with the agent. Make sure equipment operators are trained properly. Equipment manufacturers and local trade associations often offer training refresher courses. Take advantage of the opportunities.
It is also important to keep records of any workers’ comp claims that do occur within your company. To help curb increasing insurance costs, follow up with injured employees and try to get them back to work as soon as possible, either through return-to-work programs or by putting them in light-duty roles within 30 days of their claim.
To read more of Cat’s suggestions, click on the link to the right.