Work-related injuries are something that contractors must be prepared for. Some injuries can be dealt with immediately on the job site. However, others require long-term recovery. As the boss, you need to be prepared to cover the expenses that any injury brings your way. HFS Financial assists contractors nationwide with their contractor financing. We also want to help you save money anytime you can. Here are 4 easy ways to lower workers comp costs for general contractor businesses.
Prevent Possible Injuries
First, do all that you can to prevent accidents from happening in the first place. Stay current with all of the OSHA standards that are in place to help you protect your employees. Then, thoroughly train your entire workforce about all of the safety standards that your company enforces. Do not let anyone do a job that they have not been trained to do safely.
Investigate Insurance Options
Second, investigate your insurance options very carefully. Just because you spend less on a monthly premium does not necessarily mean that you are saving money. Look meticulously over the coverage that you are paying for before deciding which insurance to get.
You need a policy that will cover the costs of a lengthy time off if necessary. When an employee is injured severely, you continue to pay them as they recover. You also have to pay someone to complete the work that still needs to be done in their absence. Keep all of this in mind as you choose which insurance is best.
Document Details Diligently
Third, when an injury does occur, document the details diligently. Make sure that the paperwork is filled out as accurately as possible. You want to help the insurer to be able to properly estimate the cost of the losses and expenses for each situation. Also submit a claim as soon as you can to get the process started. You need to get your insurance money quickly. Then you can avoid having to dip into your own company’s funds for the workers compensation cost.
Help Them Return Quickly
Fourth, go out of your way to help the injured person return to work as quickly as possible. This might be the simplest method for how to lower workers compensation costs. Your employees should know their value to your company. Keep in contact with them throughout their time of recuperation. As you check on them, remind them how much they are missed. This is sure to make them want to come back as soon as they are feeling up to it.
Sometimes you have to be creative in reassigning roles for people who have had to claim workers compensation. If they are unable to do all that they did before, help them find other ways to use their talents to benefit the team.
Now you have 4 easy ways to lower workers comp costs for general contractor businesses. You also need to keep your cash flow moving. Providing excellent contractor financing with HFS Financial is the best way to do that. Customers can inquire about any home improvement loan in just 60 seconds — right through your website. They can also contact one of our loan consultants directly at 1-800-254-9560. “You Dream It, We Finance It!”