Managing costs for your fencing and decking business is almost a full-time job. In order for you to actually turn a profit, you need to be aware of every cost margin and where you can save. One of those places you can take a look at is worker’s compensation costs.
Worker’s comp is a necessary and important part of managing your fencing and decking business. You want your workers to be protected, and you need to be protected. But those costs shouldn’t be prohibitive to running your business. Here are three easy ways to lower worker’s comp costs for fencing and decking businesses.
Prioritize Education and Safety for Your Fencing and Decking Business
Prioritizing education and safety for your team is one of these easiest ways you can lower worker’s comp costs. If there are no accidents, then there are no claims, and everyone wins. There are some minimum requirements for educating your team on safety requirements, but there’s a lot to be said for creating a culture of safety on your fencing and decking jobs. And that culture often begins with the people who are in charge — namely you.
You create the culture of your fencing and decking business, so you need to prioritize and maintain a certain expectation for safety. First, you should always follow the safety rules without exception and encourage everyone else to follow the rules as well. From day one for a new hire, you need to emphasize the importance of safety.
You can also implement a low-tolerance policy for violations. Obviously consider the circumstances, but if there are team members who don’t prioritize safety regularly, dismissal isn’t unreasonable. You have to protect the safety of your whole team.
Alternatively, you could also consider a more appealing approach.
Incentivize Safe Practices Among Your Fencing and Decking Contractors
One of the most obvious ways to lower worker’s comp costs is to prioritize education and safety for your team, but have you considered incentivizing these things, too? Pay extra attention to which members of your team go above and beyond the call of safety.
Do you have team members who go behind more forgetful team mates to help? What about team members who encourage safety in others? Incentivize these members, and you may end up encouraging others to do the same. Consider incentives like longer breaks, days off, or bonus pay for extra safety observation. All of these things are less costly than a claim and can lead to creating that culture of safety and comradery you need to establish.
Be Attentive to the Length of Claims
And one final way to manage the cost of worker’s comp claims is to actively monitor how long any given claim actually lasts. You want to make sure that your worker is completely healed before they return to work, but oftentimes these worker’s comp claims can last longer than is strictly necessary.
Reach out to your team member and keep up with his or her progress. In most cases, everyone wants to return to work in a timely manner, but the claims just fall through the cracks. Don’t let it happen to your fencing and decking business. Stay on top of your worker’s comp claims, and you’ll make sure you’re not spending more money than is actually necessary.
Offer Contractor Financing to Bring in More Work
If you’re interested in not only saving money, but also bringing in more, you need to offer contractor financing through HFS Financial. Offering contractor financing can help you bring in larger projects. Since your clients can afford more, you can actually turn more profit.
And contractor financing is one of the easiest things you can do for the health of your fencing and decking business. Contact our team or apply online to get started today. With HFS Financial, “You Dream It, We Finance It.”