Consistent cash flow is a vital part of a successful business. As a home remodeling contractor, you understand the importance of wisely managing the money that is going in and out of your business account on a regular basis. Do you need to cut costs right now? HFS Financial is here to offer tips on all sorts of topics for remodeling contractors. Saving money is something we strive to help with in as many ways as possible. Here are 3 easy ways to lower worker’s comp costs for kitchen & bath remodeling contractors.
Stress Safety Structure Regularly
First, start with preventative measures to keep employees from being injured on the job in the first place. You can never stress safety too often. It is imperative to stay up to date with all of the regulations OSHA has for kitchen and bath remodeling contractors.
Stay in regular communication with your employees about your safety standards as well. You might have new employees who are just beginning to gain experience or employees who have worked with you for years. No matter what, everyone needs to be on the same page as far as safety is concerned.
Have meetings often to discuss safety. Let your team know that they can come to you at any time to talk about any concerns they might have regarding a safety procedure that might need to be adjusted or strengthened. Follow through with conversations like this also. Visit job sites as often as you can to see for yourself how safety is being practiced. In other words, inspect what you expect!
Inspect the Information Included on Claims
Next, be very involved in the process of claims being made for worker’s comp by any of your employees. Be aware of the parameters of the insurance policy that you are using and the amounts and conditions it covers. Know what is expected from you and from the employee in the claim process. Ensure that claims are being filed as soon as possible after the incident as well. Delays are detrimental for the injured individual as well as for your company.
Cut Back on Claims in General
Finally, let’s talk about cutting back on claims for worker’s compensation as much as possible. Your employees should know that you care about them and their wellbeing. By visiting sites regularly, you can see your crew in action and give them incentive to do their work in the safest way possible at the same time.
Job site accidents are inevitable, so have a plan in place for caring for wounds skillfully and swiftly. Many injuries that occur on a job site are minor and can be cared for immediately with just some basic first aid items. If major injuries happen, everyone should know the protocols to follow from there. Once the wounded employee has been cared for, the claim becomes the next priority.
These are just 3 easy ways to lower worker’s comp costs for kitchen & bath remodeling contractors. Follow our blog for more helpful info for remodeling contractors — from how to offer financing as a contractor and beyond. Another way to increase your cash flow is to make your customers cash buyers from the get-go! Partner with HFS Financial today to offer the best contractor financing for customers. Anyone can inquire about a home improvement loan in just 60 seconds. Our staff is also available at 1-800-254-9560 to answer financing questions. With HFS Financial, “You Dream It, We Finance It!”