Need to lower worker’s comp costs for your company? As a deck and patio builder, you are certainly busy during this season of the year. While your schedule fills up, you are also looking for ways to cut spending at the same time. Let HFS Financial give you some fresh ideas for this important task. Here are 3 easy ways to lower worker’s comp costs for deck and patio builders.
Purchase Policies that Protect Without Draining the Pocketbook to Lower Worker’s Comp Costs
First, an easy way to lower worker’s comp costs is to find the most affordable insurance policy for this purpose. You want to purchase policies that protect you and all of those who work for you. You don’t want to find the cheapest option because cheap insurance does not usually equate to good coverage. On the other hand, you may not be able to afford the most expensive policy option.
Find an insurance company that you can trust. And then rely on your agent’s expertise to help you find the perfect, cost-effective policy for your company’s size. You need worker’s comp insurance that will provide sufficient funds to pay for an employee’s medical care and absence from work when inevitable work injuries occur.
Lower Worker’s Comp Costs by Stressing Safety Strategies that Can Save Money Before It’s Spent
Next, another easy way to keep from spending too much on worker’s compensation is to stress safety strategies to every single employee. From the moment an employee begins working for you, they should know exactly what safety protocols they are to follow. This is the best way to save money before it’s spent unnecessarily on injuries that could have been prevented.
Deck and patio builders know that safety procedures often change. As technology advances, so do methods of building safety. Stay abreast of all of the latest ways to keep your employees safe. And then be sure to stay in communication with your team so that everyone is fully aware of new procedures.
Help Injured Employees Have Incentive to Return to Work
Finally, our last of 3 ways to lower worker’s comp costs for deck and patio builders has to do with shortening the span of any required absence. In other words, you want to help injured employees have incentive to return to work as quickly as they are able to.
When an employee is injured on the job, you have to pay for several extra things. Medical bills become your company’s responsibility. You also are still responsible to pay for the injured person’s salary. And you have to pay those who are covering the work during your injured team member’s absence. So you want to strategize to do this for as little time as possible.
Every member of your team should know the value that they add to your company. When they are absent, they need to understand that they are missed. Check in with them often and do what you can to help them recuperate quickly. Then celebrate with them when they are able to return to work.
Lower Worker’s Comp Costs with Support
As you lower worker’s comp costs, leave your deck financing and patio financing up to the skilled team at HFS Financial. For close to 60 years, we’ve been helping with contractor financing. You are in good hands when you partner with us. Anyone can apply for a home improvement loan in just 60 seconds. Call 1-800-254-9560 to learn more or apply today for your fantastic partnership. “You Dream It, We Finance It.”