Saving money is always a positive thing — especially when you have your very own swimming pool business to run. Employees are a necessary part of a company’s success. This means you need to be prepared for worker’s compensation when the need arises. HFS Financial partners with pool contractors all across the country to provide excellent financing and helpful information for day-to-day business operations. Here are 3 easy ways to lower worker’s comp costs for swimming pool business owners that you can use to reduce unnecessary spending.
Peruse Multiple Insurance Policies
First, don’t settle on the first insurance company you come across as you do your searching for the best insurance for your business. Look through multiple options so that you know which company is offering the coverage you need at the price you can afford. Some insurance companies might even offer discounts for establishing programs to protect your staff.
Worker’s comp insurance cost will vary for each swimming pool business, depending on the size of your company and the number of employees you have to insure. Also remember that the premium is not the only thing to be looking at as you peruse your various options. You need a reasonable premium but you also need adequate protection for when a work injury occurs.
Prioritize Safety for All Personnel
Next, do all that you can to make safety the highest priority for all of your employees on every job site. Be sure that you have your safety procedures in writing so that everyone is on the same page as far as the steps to take to protect property and people as much as possible. Training all personnel about current safety methods is crucial. Then keeping up to date on new procedures to share is also a must.
By properly training everyone, you are doing preventative measures to keep from having to pay unnecessary claims. When you share your vision for safety, your team can be looking for any issues they feel need to be addressed as well. The objective is to cut costs, and communicating openly about safety is a key to meeting this goal.
Promptly Care for and Claim Project-Related Injuries
Last, you need to let your employees know that you do care about their well being. When someone gets injured, make it a point to go to the site to assess the situation. Minor injuries can often be cared for and dealt with on site. This can help by saving you from having to make a claim at all.
If a serious injury has occurred, be prepared. Know the steps you need to follow to report the issue and make a claim promptly and efficiently. This protects your employees during the time they are unable to work. It also helps you have the money needed to pay for additional help if needed.
These are just 3 easy ways to lower worker’s comp costs for swimming pool business owners. To save money, you still need money to spend. Keep your cash flow moving by keeping your excellent contractor financing available to your customers as well. Applying for your partnership with HFS Financial only takes a few moments, but it can have a huge payoff for your business. Plus, it’s completely free to you!
Your customers can apply for their home improvement loan in just 60 quick seconds. Our team is also available at 1-800-254-9560 to answer inquiries. “You Dream It, We Finance It!”